UBS Financial Services was slapped with a record $125 million joint civil penalty by four regulatory agencies for willful violations of the Bank Secrecy Act (BSA), including a failure to implement and maintain an anti-money laundering (AML) compliance program and failure to file suspicious activity reports.

This represents the “largest penalty ever imposed against a broker-dealer for BSA violations,” according to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...