UBS fined US$125 million by US regulators for money laundering violations

UBS was fined US$125 million by US regulators for alleged willful violations of the Bank Secrecy Act, the main US anti-money laundering law.

Monday's civil fine against UBS Financial Services is the largest ever imposed on a broker-dealer for Bank Secrecy Act violations, according to the US Department of the Treasury.

The Treasury Department's Financial Crimes Enforcement Network said UBS was a recidivist, having been fined US$14.5 million in 2018 for failing to adequately monitor foreign currency wires.

FinCEN said that despite assuring it would soon address the underlying problems, UBS failed to appropriately monitor more than 50,000 foreign currency wires totaling more than US$10 billion, or disclose its failings.

"Today’s announcement brings closure to this legacy matter," UBS said in a statement. "UBS has cooperated fully with its regulators and has made significant investments to remediate and strengthen its AML program in line with leading industry practices."

Reuters

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