$125M UBS Fine Signals US Regulatory Shift
A $125M fine against UBS signals a major shift as U.S. regulators target systemic anti-money laundering gaps and outcome-focused compliance. The post $125M UBS Fine Signals US Regulatory Shift appeared first on Global Finance Magazine .
In August, U.S. regulators imposed a record $125 million fine on Swiss bank UBS. This fine, announced by the Financial Crimes Enforcement Network (FinCEN), could signal increased scrutiny of banks due to stricter anti-money laundering laws, according to Salar Ghahramani, an associate professor at Penn State Abington. The Financial Crimes Enforcement Network, along with the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority, settled allegations against UBS.
The bank was accused of failing to monitor 61,500 foreign exchange transactions and flagging suspicious activity. The fine is partly due to UBS having previously received a $14.5 million fine in 2018 for similar activities, which UBS failed to rectify. UBS spokesperson, Nic Wirtz, stated that the settlement brings closure to the legacy matter, and that the bank has made significant investments to strengthen its AML program in line with industry practices.
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