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UBS fined USD 15million for AML failures

  • Dec 19, 2018

UBS agrees to pay USD 15million in fines levied by three US regulators : the U.S. Treasury Department, the SEC and FINRA.

The Treasury fines are due to violation of the Bank Secrecy Act requiring suspicious activities to be reported.

FinCEN says UBS failed to provide a suitbale staffing level to ensure AML compliance and that this lack of resrourcign resulted in a backlog of alerts.

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