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US regulators issue $125m AML penalty over wire monitoring gaps

Department of the Treasury Building
Photo: hapabapa/Getty Images

Alexander Barzacanos

3 min read
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The broker-dealer failed to properly monitor more than 61,500 foreign currency wires after previously settling similar charges in 2018.

FinCEN assessed a total $125m penalty under the Bank Secrecy Act (BSA) against UBS Financial Services, the firm’s broker-dealer arm, for persistent weaknesses in its anti-money-laundering (AML) program.

Parallel actions brought by the SEC, CFTC and FINRA imposed penalties of $20m, $8m and $20m, respectively. FinCEN will credit those

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