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UBS Steps Up Vetting of Employees

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UBS Steps Up Vetting of Employees

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​Switzerland’s biggest bank UBS said it had expanded the number of employees that are subject to UBS vetting process through internal background checks to around 15 percent of its workforce in a move that came in the wake of numerous scandals.

Under the new policy, roughly 9,000 employees of the Zurich-based bank will be subject to internal vetting, a spokesman for UBS told Reuters, confirming a report on Monday by Swiss finance website, Inside Paradeplatz.

UBS is beefing up policing of its employees, through internal vetting, as it grapples with a probe into potential rigging of the global foreign exchange market, including by the Securities and Exchange Commission, U.S. justice officials, and Britain’s Financial Conduct Authority.