UBS steps up vetting of employees

Dog Detective

UBS has said it had expanded the number of employees that are subject to internal background checks to around 15 percent of its workforce in a move than came in the wake of numerous scandals.

Reuters reports that under the new policy, roughly 9,000 employees of the 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 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.

The spokesman said UBS had already been vetting some current employees but would not confirm how many. He said the expansion was part of the bank's operational risk strategy.

Senior management, including managing directors, will continue to be vetted. Under current checks, a larger number of specialist staff members with access to sensitive information will also be subject to criminal background checks, as well as scrutiny of their credit rating, UBS said.

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UBS says widens background checks for specialist employees

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