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Fincen fines UBS $125M for money-laundering recidivism
['Ebrima Santos Sanneh Covers The Treasury', 'Federal Deposit Insurance Corp.', 'Office Of The Comptroller Of The Currency For American Banker. He Is A...', 'Chief Correspondent']
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Key insight: UBS Financial Services will pay a $125 million penalty for repeated and persistent anti-money-laundering offenses.
UBS Financial Services will pay a $125 million penalty for repeated and persistent anti-money-laundering offenses.
Supporting data: The agency says UBSFS failed to monitor more than 61,000 transactions, with a notional value of over $10.5 billion.
The agency says UBSFS failed to monitor more than 61,000 transactions, with a notional value of over $10.5 billion.
At the time, UBS told regulators it would replace its deficient monitoring system by mid-2019.