UBS AG, which in August worked out a landmark deal to put its legal troubles with the U.S. tax authority behind it, said Monday that its private bankers are being relieved of temporary restrictions and can visit foreign-based clients again.
The Zurich company imposed the ban on cross-border travel in April, shortly after the Swiss financial regulator ordered it to overhaul its cross-border policies.
That order followed a U.S. crackdown into hidden offshore accounts in countries like Switzerland.
UBS has not disclosed how many of its overall 4,460 private bankers do cross-border business, in which the advisors typically travel abroad to attract clients and their funds to Switzerland.
The travel ban had been in place for the private bank but also prevented members of UBS' top management from meeting and conducting business with wealthy clients abroad.
At UBS, private bankers who visit their clients abroad must complete coursework aimed at bolstering UBS' compliance to regulations, a process the bank plans to require they repeat every two years.