UBS 'broke law' in US data share

FINMA's decision weakened the nation's banking secrecy rules, Switzerland's Federal Administrative Court said. Last year, the US accused UBS of conspiring to create sham accounts to allow US clients to hide their wealth overseas. In February, FINMA decided to allow UBS to transfer client data to the US to end its investigation. UBS had already agreed to pay $780m to the US government to settle allegations of fraud. "Even though FINMA was in a difficult position because of the threat of charges against UBS, it should not have ordered unilaterally the passing on of data outside of a ...