The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

Earlier this week, UBS announced that it has agreed with the US Department of Justice to pay $300 million and resolve outstanding obligations under a 2017 agreement that Credit Suisse had reached for its legacy residential mortgage-backed securities (RMBS) business.

The move means that Zurich-listed UBS has resolved another of Credit Suisse's legacy issue, it said in a statement. Having acquired Credit Suisse in March 2023, UBS has sought to draw a line under Credit Suisse’s various outstanding matters.

In the third quarter of 2025, UBS said it expects to recognise a credit in “non-core” and “legacy” business from the release of the contingent liability established with the acquisition of Credit Suisse as part of the purchase price allocation process.

In late July, as reported here, profits at UBS increased by more than anticipated to $2.4 billion in the second quarter of 2025, supported by its global wealth management division and trading revenues.

The UBS emergency takeover of Credit Suisse is continuing to cause controversy. In late July, this publication reported that a class-action case was being mounted regarding holders of Credit Suisse's additional Tier 1 (AT1) bonds, the value of which were wiped out under the terms of the takeover.