Swiss banking giant UBS maintained a client relationship with Ghislaine Maxwell for years, managing as much as $19 million in her accounts even after her associate Jeffrey Epstein’s arrest in 2019, according to U.S. Justice Department-released documents that shed light on bank conduct with high-risk clients.
The records show UBS opened personal and business accounts for Maxwell in 2014, shortly after JPMorgan Chase severed ties with Epstein and flagged her as a high-risk client, and assigned two relationship managers to provide services typically reserved for affluent customers. The accounts held cash, shares and other investments, and Maxwell used them for various personal expenses and payments, including transferring funds to her then-husband and covering large credit card bills.
Despite extensive media coverage of Maxwell’s close association with Epstein, UBS continued to service her accounts. Documents indicate that on 22 July 2019, 16 days after Epstein’s arrest, the bank transferred $130,000 at Maxwell’s request from her savings to her checking account to pay an American Express bill. In August 2019 the bank received a grand jury subpoena and provided information to the Federal Bureau of Investigation on wire transfers linked to Maxwell.
UBS declined to explain publicly why it accepted Maxwell as a client after another major bank deemed her risky, but maintained it conducted due diligence before opening her accounts and has not been shown to have engaged in any legal wrongdoing. The timing and nature of the bank’s continued relationship with a figure later convicted of involvement in Epstein’s criminal operation has drawn scrutiny to its risk assessment and compliance practices.
The documentation highlights how global financial institutions manage politically and legally sensitive clients under complex regulatory and reputational pressures. While UBS cooperated with U.S. authorities once formally subpoenaed, the episode raises unresolved questions about how banks calibrate client risk versus service provision when handling accounts tied to high-profile individuals facing serious criminal allegations.
