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UBS Fined $15M For Weak Money Laundering Detection

Law360 (December 17, 2018, 6:20 PM EST) -- Three U.S. regulatory bodies hit two American units of Swiss banking giant UBS Group AG with $15 million in fines Monday for not investing in resources necessary to combat money laundering since at least 2004, the agencies said in coordinated announcements.

U.S. regulators fined two UBS units Monday after finding inadequate staffing and other issues hampered anti-money laundering efforts. (AP)

The penalties followed regulators’ promises this year to keep pressure on anti-money laundering efforts, an area where they see constant issues and not enough innovation.

Finding foreign-currency laundering through at least two UBS branches in the U.S., the U.S. Treasury’s Financial...

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