UBS fined $125 million by US regulators for money laundering violations
FinCEN said UBSFS failed to monitor about 60,000 foreign-currency wires worth $10 billion and must face an independent AML review.
- On Monday, the Financial Crimes Enforcement Network ordered UBS Financial Services to pay a $125 million penalty for willful violations of the Bank Secrecy Act, the largest penalty the regulator has imposed against a broker-dealer.
- Between January 2019 and June 2023, UBSFS failed to monitor about 60,000 foreign currency wires valued at about $10 billion after the firm "failed to properly configure the data flowing into the new system," the Commodity Futures Trading Commission said.
- Director Andrea Gacki said the action should send a clear message that "recidivist financial institutions will face severe repercussions," citing UBSFS failures to monitor high-risk customers tied to Iran, Russia, Venezuela, and the Southwest border of the U.S.
- UBSFS must undergo an independent AML review, with FinCEN waiving up to $15 million in expenses, while the firm also faces additional fines from the Financial Industry Regulatory Authority , the CFTC, and the Securities and Exchange Commission.
- A UBS spokesperson said Monday the announcement "brings closure to this legacy matter," though the firm faced a FinCEN consent order in December 2018 that resulted in $14.5 million in penalties for similar Bank Secrecy Act violations.
24 Articles
24 Articles
U.S. regulators today fined global financial services firm UBS $125 million for violating the Bank Secrecy Act, the largest fine ever imposed on a broker or dealer for violating anti-money laundering laws.
The big bank, called "recidivist", has to pay a fine for not reporting money laundering cases. The Paradeplatz establishment has acknowledged its culpritsUBS was on Monday sentenced to a total fine of $125 million (101 million) in the United States for failing to comply with its anti-money laundering obligations. This is the most severe penalty ever imposed on a broker for breaching the bank secrecy law, says the US agency FinCEN, in a press rel…
Ubs must pay a fine for a total of 125 million dollars (101 million francs) in the United States due to serious shortcomings in anti-money laundering supervision. The U.S. recycling control office imposed the sanction on subsidiary Ubs Financial Services Inc. This is the highest fine ever decided for a [...] The article Maxi fine from 145 million dollars to Ubs in the U.S.: "Great gaps in anti-money laundering supervision and has relapsed" comes…
The U.S. authorities are imposing a record penalty on UBS for violations of money laundering rules. UBS speaks of a closed burden and refers to reforms.
The U.S. authorities see Grossbank as a repeat offender. Therefore, the buses are higher than usual.
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