*Correction 7/7: A previous story stated that UBS Singapore was fined $940 millin by the MAS. That was incorrect. The bank was fined $940,000 in 2016 over the 1MDB-related conducts. Abstract and third paragraph of this story has been amended to refelect that change. We regret the error.
Christoph Kurth, UBS AG’s former general counsel for wealth management in the Asia Pacific and former general counsel for Singapore, has joined Baker McKenzie in its Zurich office as a compliance and investigations partner.
Kurth, who was based in Singapore, led a team of 25 lawyers advising the bank’s wealth management and trust business across Singapore, Japan, China, Hong Kong and Taiwan on transactions and regulatory matters. In his role as Singapore general counsel, he also advised the bank’s branch in the city-state on litigation and local regulations.
In October 2016, UBS’s Singapore branch was fined $940,000 by the Monetary Authority of Singapore for breaches of the regulator’s anti-money laundering rules.* In April, the Financial Times reported that UBS also received a written reprimand from the Swiss Financial Market Supervisory Authority for not properly checking business relationships and transactions related to Malaysia’s 1MDB, a state-owned development company.
Kurth left UBS in April. Following his departure, UBS hired the former general counsel of the Royal Bank of Scotland, Dan Williams, as Asia Pacific wealth management general counsel based in Hong Kong and Singapore.
Kurth had joined UBS in 2006 and moved to Singapore five years later. Before his most recent role, he led the litigation and investigations division in Asia. In 2007, he co-led a team to revamp the Swiss bank’s outside counsel review and ranking system.