UBS’s Quiet Role in Maxwell’s Money Moves

UBS began handling Ghislaine Maxwell’s finances in 2014, a few months after JPMorgan closed its ties with Jeffrey Epstein. Documents released by the U. S. Justice Department reveal that UBS managed up to $19 million for Maxwell before her 2021 conviction for sexual trafficking. The papers show that UBS opened personal and business accounts for Maxwell, holding cash, shares and hedge‑fund investments. Two relationship managers were assigned to her, helping transfer large sums and offering the perks normally reserved for wealthy clients. In 2014, after JPMorgan shut Epstein’s account, UBS issued a credit card to him and later opened an account for Maxwell. Despite media reports linking her closely to Epstein, the Swiss bank continued its relationship with her. UBS has not answered questions about why it accepted a client flagged as high risk by another bank.The records indicate that Maxwell used her UBS accounts for personal expenses, her charity TerraMar Project, and companies such as Ellmax, Pot & Kettle, Max Foundation, and Max Hotel Services. By February 2014 she already held almost $2 million in one account. In 2016, Maxwell asked UBS to transfer $2. 5 million to her then‑husband Scott Borgerson. After Epstein’s arrest in July 2019, UBS moved $130 000 from Maxwell’s savings to her checking account at her request to pay an American Express bill. A Grand Jury subpoena in August 2019 compelled UBS to provide the FBI with details of Maxwell’s wire transfers. It is unclear whether UBS ever closed her accounts, but the bank did not deny having conducted due diligence before taking on Maxwell. UBS’s actions raise questions about how banks screen clients with controversial ties and whether they fully assess reputational risk. While no wrongdoing has been proven, the case highlights the importance of transparency and rigorous client vetting in the financial industry.