Regulatory Alerts2018-12-17 | 2018-03Added
Assessment of Civil Money Penalty Against UBS Financial Services Inc.
FinCEN assessed a $14.5 million civil money penalty against UBS Financial Services Inc. for willfully violating Bank Secrecy Act requirements, including failing to implement an adequate anti-money laundering program and conducting due diligence on correspondent accounts. The violations involved inadequate monitoring of shell company activity, foreign currency-denominated wire transfers, and insufficient staffing for suspicious activity reporting. UBSFS consented to the penalty, with $9.5 million credited against concurrent penalties imposed by the SEC and FINRA, and $5 million payable to the U.S. Department of the Treasury.
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