FINMA says Hamers was found 'fit and proper' to become UBS CEO after money-laundering case review

FILE PHOTO: Designated new CEO Ralph Hamers of Swiss bank UBS attends a news conference in Zurich, Switzerland, February 20, 2020. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss financial market supervisor FINMA on Wednesday said it found new UBS CEO Ralph Hamers “fit and proper” to assume the role when it conducted a review of a Dutch anti-money laundering case during his nomination.

“The case in question was well known. Accordingly, FINMA investigated and addressed it in the course of the nomination procedure and its review of the ‘fit and proper’ requirements,” the financial supervisor said in a statement to Reuters.

Earlier on Wednesday a Dutch court ordered a new criminal probe into his role in the case as head of Dutch bank ING Group.

“Based on the information available and the assessment of other relevant supervisory authorities, FINMA confirmed the ‘fit and proper’ status of the proposed CEO.”

Reporting by Brenna Hughes Neghaiwi; Editing by Jon Boyle