UBS Rejects Gaza Aid Group's Swiss Account Amid Compliance Concerns

UBS Group AG has rejected a request from the Gaza Humanitarian Foundation to open an account in Switzerland, according to people familiar with the matter cited by Reuters. The Swiss lender declined the application after conducting compliance, risk and reputational due-diligence checks, the sources said. Goldman Sachs Group Inc. also held preliminary discussions with the foundation but opted not to proceed with setting up a Swiss account, the people added. A representative for GHF said the organization decided to abandon its plan for a Swiss banking unit following the outcome of the talks.