Banks: UBS must pay $125 million fine in the US
US authorities are imposing a record fine on UBS for violating money laundering regulations. UBS refers to this as a completed old problem and points to reforms.
Frankfurt - The Swiss banking giant UBS is set to pay a $125 million fine in the United States for violations of anti-money laundering regulations, the US Department of the Treasury announced on Monday. This marks the highest civil monetary penalty ever imposed on a securities dealer for breaches of the Bank Secrecy Act, according to the department.
The Financial Crimes Enforcement Network (FinCEN), the bureau within the Treasury responsible for administering this law, declared that UBS is a repeat offender. The bank had already faced a $14.5 million penalty in 2018. Despite this previous commitment to rectify issues, UBS failed to adequately monitor over 50,000 international wire transfers worth more than $10 billion.
"Today's announcement closes this old chapter," UBS stated in a press release, noting that the company has fully cooperated with regulators and invested significantly in strengthening its anti-money laundering program.
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