UBS Fined $125 Million by U.S. Regulators for Anti-Money Laundering Violations

UBS Financial Services Inc. has agreed to pay a $125 million civil penalty after U.S. regulators found willful violations of the Bank Secrecy Act. FinCEN said the penalty is the largest ever imposed on a broker-dealer for BSA violations and marks a second enforcement action against UBS following a 2018 consent order. FinCEN cited failures to adequately monitor more than 50,000 foreign-currency wires totaling over $10 billion, along with inadequate AML program controls and suspicious activity reporting lapses