EU Banks Fined $16B For 'Dirty Money' Failings, Moody's Says

Law360, London (April 3, 2019, 3:22 PM BST) -- Regulators from across the globe have hit Europe’s banks with more than $16 billion in fines since 2012 for breaching rules on money laundering and trade sanctions, with most imposed by U.S. watchdogs, credit rating agency Moody’s has said.

Moody’s Investor Service said on Tuesday that U.S. regulators, led by the Department of Justice, levied more than 75 percent of the total in fines against European banks between 2012 and 2018. This included $15 million in fines for UBS Group AG in December, when three U.S. regulatory bodies penalized the Swiss banking giant for not doing enough to combat money laundering....

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