WASHINGTON, Aug 3 (Reuters) – UBS was fined $125 million by U.S. regulators for \u200calleged willful violations of the Bank \u200cSecrecy Act, the main U.S. anti-money laundering law. <\/p>\n
Monday’s civil \u200bfine against UBS Financial Services is the largest ever imposed on a broker-dealer for Bank Secrecy Act violations, according to \u200cthe U.S. Department \u2060of the Treasury. <\/p>\n
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said UBS \u2060was a recidivist, having been fined $14.5 million in 2018 for failing to adequately \u200bmonitor foreign \u200bcurrency wires. <\/p>\n
FinCEN said \u200bthat despite assuring it \u200cwould soon address the underlying problems, UBS failed to appropriately monitor more than 50,000 foreign currency wires totaling more than $10 billion, or disclose its failings. <\/p>\n
“Today’s announcement brings \u200cclosure to this legacy \u200bmatter,” UBS said in \u200ba statement. “UBS \u200bhas cooperated fully with its regulators \u200cand has made significant \u200binvestments to \u200bremediate and strengthen its AML program in line with leading industry practices.” <\/p>\n
(Reporting \u200bby Jonathan \u200cStempel in New York; Additional reporting by \u200bDoina Chiacu; Editing by David \u200bLjunggren and David Holmes) <\/p>\n","protected":false},"excerpt":{"rendered":"WASHINGTON, Aug 3 (Reuters) – UBS was fined $125 million by U.S. regulators for \u200calleged willful violations of…\n","protected":false},"author":2,"featured_media":111372,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[129],"tags":[54439,54330,15572,54457,54456,223,33312],"class_list":["post-111371","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ubs","tag-bank-secrecy-act","tag-fincen","tag-foreign-currency","tag-regulators","tag-u-s-department","tag-ubs","tag-ubs-financial-services"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/117033668601353522","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/111371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=111371"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/111371\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/111372"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=111371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=111371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=111371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}