UBS Pays $125 Million to Settle US Charges of Repeated AML Failures
What's happening
Four U.S. regulators reached separate agreements with UBS Financial Services requiring the firm to pay a combined $125 million to settle alleged violations of the Bank Secrecy Act and AML/CFT rules. Regulators say UBS failed to fix flaws identified in 2018, leaving about 60,000 foreign currency wire transfers, worth roughly $10 billion, unmonitored. The Commodity Futures Trading Commission separately ordered UBS Financial Services Inc. to pay an $8 million civil penalty for failures to supervise configuration and operation of its AML transaction monitoring systems for FX wire transfers and required the firm to cease and desist.
Why it's trending
Regulators escalated enforcement after long-standing monitoring gaps persisted since 2018 and affected large volumes and values of FX wires.
SignalNewly emerging, confirmed across 1 independent source type.
Story volume
Stories per dayAngles you could write
If UBS can pay $125 million and keep operating, maybe fines are just the cost of doing nothing on AML.
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Original sources4
- UBS hit with $8m CFTC fine over AML monitoring gaps
UBS Financial Services has been ordered by the Commodity Futures Trading Commission to pay an $8m civil monetary penalty over failures to properly supervise its AML transaction monitoring systems. The CFTC’s order, which settles charges against the firm, centres on wire transfers denominated in foreign currencies (FX) and requires UBS FSI to cease and desist […] The post UBS hit with $
FinTech GlobalAug 4 - UBS Pays $125 Million to Settle US Charges of Repeated AML Failures
Four U.S. regulators have reached separate agreements with UBS Financial Services in which the company will pay a total of $125 million to settle violations of Bank Secrecy Act (BSA) anti-money laundering (AML) and countering the financing of terrorism (CFT) rules. UBS Financial Services settled charges with the Commodity Futures Trading Commission (CFTC), the Financial […] The post UBS Pays
PYMNTSAug 3 - UBS to pay $125M in AML penalties
The brokerage arm of the Swiss bank didn’t fix flaws identified in 2018, resulting in some 60,000 foreign currency wires valued at about $10 billion going unmonitored, regulators said.
Banking DiveAug 3 - CFTC fines UBS $8 million for AML failures
The Commodity Futures Trading Commission today announced an order filing and settling charges against UBS Financial Services Inc., a registered futures commission merchant, for failing to diligently supervise the configuration and operation of its anti-money laundering transaction monitoring systems for wire transfers denominated in foreign currencies (FX).
FinextraAug 3
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