UBS to Pay $15m Fine for AML Deficiencies
Investment bank UBS has agreed to pay a $15m fine after regulatory deficiencies in its anti-money laundering program were uncovered. The amount comprises three $5m payments to the US Treasury Department, the US Securities and Exchange Commission and FINRA.
The Treasury’s Financial Crimes Enforcement Network found UBS’ broker-dealer unit to have violated the Bank Secrecy Act insofar as it failed to report suspicious activities during a 13-year period. Further, UBS failed to ensure it had sufficient resources to ensure anti-money laundering compliance, with too-low staff levels causing a backlog of alerts.