UBS fined $145 million in US for money-laundering failings
Swiss bank UBS has been ordered to pay fines totalling $145 million (CHF117 million) in the US for inadequate anti-money laundering controls. The major bank has been explicitly described as a repeat offender.
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UBS fined $145 million in US for money-laundering failings
On Monday, the US money laundering regulator FinCEN imposed a civil fine of $125 million on UBS subsidiary’s – UBS Financial Services Inc. This is the highest penalty ever imposed on a broker-dealer for breaches of the Bank Secrecy Act.
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On the same day, the US Securities and Exchange Commission (SEC) imposed a separate fine of $20 million. Both authorities accuse the bank of repeatedly failing to report suspicious transactions within the required timeframe between 2019 and 2023.
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