UBS Fined £27.6m by FCA for Transaction Reporting Breaches
The UK’s Financial Conduct Authority has fined UBS £27.6m after it was found it misreported 136m transactions over 10 years.
FCA found that UBS failed to provide it with complete and accurate information about 87m transactions, and unnecessarily reported around 50m further transactions. The regulator uses these reported details to check for market abuse and insider dealing.
The fine is the largest of its kind issued by FCA for transaction reporting breaches. UBS qualified for a 30% discount on the fine, which otherwise would have been around £40m, as its management complied with the investigation. The fine comes after UBS was charged $15m by the US Treasury’s Financial Crimes Enforcement Network for deficiencies in its anti-money laundering program, see UBS to pay $15m fine for AML deficiencies.