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UBS Financial Services to pay $14.5M for anti-money laundering failures

Jaclyn Jaeger | December 18, 2018

UBS Financial Services (UBSFS) has been ordered to pay a $14.5 million civil penalty for willful violations of the Bank Secrecy Act, the Financial Crimes Enforcement Network (FinCEN) announced on Dec. 17.

Of that $14.5 million civil penalty, $5 million will be paid to the U.S. Department of Treasury, and the remainder will be concurrent with penalties for similar or related conduct imposed by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

According to FinCEN’s assessment, UBSFS failed to develop and implement an appropriate, risk-based anti-money laundering (AML) program that adequately addressed the risks associated with accounts that included both traditional brokerage and banking-like services. It also failed to implement appropriate policies and procedures to ensure the...

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