NEWS

UBS Financial Services Inc. penalized for inadequate anti-money laundering practices


The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has imposed a $14.5 million civil money penalty against UBS Financial Services Inc. for failing to develop and implement suitable anti-money laundering policies and procedures. UBS Financial Services Inc. will pay $5 million to the U.S. Department of the Treasury and the remainder will be simultaneously paid to the the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) for related conduct offenses.

To read the press release from FinCEN please click here.

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