Washington brands UBS a repeat offender
The U.S. authorities have imposed a record fine of $125 million on UBS Financial Services for repeated violations of anti-money laundering laws. The violations included failures in monitoring and analyzing over 60,000 foreign currency transfers totaling more than $10 billion between January 2019 and June 2023, as well as not applying high-risk screening procedures to accounts linked to Russia and Iran. This included accounts associated with a Russian billionaire close to Putin and investments in Iranian digital assets. The company had previously been fined $14.5 million in 2018 for similar shortcomings, but authorities deemed that UBS had not taken sufficient steps to address these issues, resulting in the levying of a record-breaking penalty. The settlement aims to improve its anti-money laundering system through the appointment of an independent advisor to review the program and assess its ability to detect suspicious transfers. UBS confirmed its cooperation and investment in strengthening the program.
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