UBS, a Swiss multinational investment bank, says it has no knowledge of a US Department of Justice investigation into suspected compliance-related missteps by its subsidiary Credit Suisse.

It is inaccurate to report that the US Department of Justice is investigating sanctions-related compliance failures at Credit Suisse and UBS. We are unaware of such a probe,” UBS said in a statement. “UBS and CS have significantly reduced their exposure to Russia.”

According to a person familiar with the matter, UBS has been in contact with the DOJ. Bloomberg reported that the Justice Department briefed UBS’ lawyers about Credit Suisse’s alleged sanctions violations, citing anonymous sources familiar with the matter.

A request for comment has been sent to the Justice Department, but no response has been received.

According to the Swiss Bankers Association, a group of Swiss financial institutions, more than $200 billion in Russian money is stashed in Swiss banks. Co-founder of the Organized Crime and Corruption Reporting Project Drew Sullivan told the Commission on Security and Cooperation in Europe in July that the figure of $200 billion in Russian money in Swiss banks is grossly understated.

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As Russia continues its attacks on Ukraine, the commission, also known as the US Helsinki Commission, called the July hearing to address questions regarding sanctions evasion and money laundering.

In order to win the war for Ukraine, we must isolate and impose sanctions on Russia, said Sen. Ben Cardin, a Democrat from Maryland and co-chair of the commission.