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UBS to Pay $1.7 Million for Sanctions Violations

Jaclyn Jaeger | August 28, 2015

Swiss bank UBS yesterday reached a $1.7 million settlement with the U.S. Department of Treasury’s Office of Foreign Assets Control to resolve allegations that it violated global terrorism sanctions regulations.

According to OFAC, UBS processed 222 transactions from 2008 to 2013 related to securities held in custody in the United States for a UBS customer in Switzerland who OFAC designated as a “blocked” person in 2001 on its sanctions list.

OFAC said the settlement amount reflected the following compliance failures:

  • UBS acted with reckless disregard for U.S. sanctions requirements by failing to implement adequate controls to prevent the apparent violations from occurring despite receiving numerous warning signs that its conduct could lead to violations of U.S. sanctions laws;
  • Multiple business lines and personnel within UBS, including...
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