Posted October 04, 2019 12:58:01 The Office of the Comptroller of the Currency (OCC) is still refusing to release its findings of the bank investigations that led to its indictment on fraud charges in the United States.
This week, the agency said in a letter to the Senate Banking Committee that it was withholding key documents and that it would not release any information about the bank, which has been under scrutiny since it was discovered in 2015 that it had manipulated hundreds of billions of dollars in international financial markets and failed to report significant wrongdoing.
The bank’s $5 billion fine was reduced to $2 billion by the Justice Department on Monday.
The OCC said the release of documents “will allow the Senate to conduct a more complete review of the actions taken by the Department of Justice in relation to the bank and to ensure that appropriate oversight and remedies are implemented.”
The OLC said in its letter that the documents could “help inform the committee’s ongoing investigation into the financial health of the financial institutions that are part of the UBS Group.”
The agency has been looking into the scandal since 2015, when the OCC announced that it suspected that the bank manipulated foreign exchange markets, failed to disclose major market losses and engaged in “unlawful market manipulation.”
The UBS scandal began in the summer of 2016 when the bank disclosed it had used a sophisticated trading platform in London to manipulate prices on global commodities such as oil, gold, silver and gold coins.
The firm’s former chief executive, Karl-Heinz Rumann, admitted that he had lied to UBS regulators in order to gain access to information that could be used to manipulate the price of oil.
After the scandal, the UHS group and other financial institutions began investigating whether the bank had engaged in criminal activity.
The Senate Banking committee released its findings in June 2017.
In the months that followed, the OLC took a number of other steps to ensure the bank could continue to operate and investigate the bank.
It wrote a report that detailed the bank investigation and the financial industry’s response to the scandal.
In its letter to senators, the office said it would release the full report in late November.
However, OCC spokesperson Joann Sorensen said that the office would not be releasing documents that would not help the committee conduct its investigation.
She said that documents would include bank documents and other documents relevant to the investigation, such as the bank itself.
She also said that, although the OCR has the right to withhold certain documents, they are not allowed to do so because they are classified.