FINRA fines UBS unit $850K for failing to properly monitor customer transactions
By 
Aaron Nicodemus2024-07-11T19:04:00
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
The Financial Industry Regulatory Authority (FINRA) announced the fine Monday in an order, alleging that a UBS registered representative facilitated private securities transactions totaling over $7.2 million to a third party, in violation of FINRA rules, and that UBS did not have sufficient procedures to monitor such transactions.
From 1997 to 2021, a UBS registered representative sold fixed annuity products offered by a third party–which happened to be an entity formed by a college friend and business acquaintance of the representative–to 30 UBS customers.
Related articles
-
News BriefBank of America unit reaches $3M settlement with FINRA over surveillance lapses
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
-
News BriefAmerican Portfolios agrees to $225K settlement with FINRA over AML failings
Broker-dealer American Portfolios will pay a $225,000 fine to the Financial Industry Regulatory Authority (FINRA) over alleged deficiencies in its anti-money laundering program.
-
News BriefWestern International Securities to pay $1.5M over repeated supervision failures
The Financial Industry Regulatory Authority ordered Western International Securities to pay $1.5 million for failing to implement a supervisory system to detect and respond to excessive trading, the firm’s fifth consent order with the regulator since 2019.
More from Regulatory Enforcement
-
ArticleFlorida seafood exec faces 10 years for crab claw price fixing
A Florida seafood company executive has pleaded guilty to conspiring with competitors to fix the prices he paid to local fishers, an effort that impacted more than $8 million in wholesale fish and cut the pay of hundreds of fishers, the Department of Justice said.
-
ArticleFormer U.S. clothing business CEO faces 25 years for bribery in Honduras
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
-
News BriefDOJ sues Uber over alleged discrimination against disabled riders
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.