UBS fined $125 million by US regulators for money laundering violations

NEW YORK, Aug. 3 (Reuters) - UBS UBSG.S was fined $125 million by U.S. regulators on Monday for violating the Bank Secrecy Act, the largest civil fine ever against a broker-dealer for violating the main U.S. anti-money laundering law.

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) said UBS Financial Services admitted to willfully violating the BSA by failing to implement and maintain an anti-money laundering program and by failing to file suspicious activity reports.

Monday's settlement reflected UBS' status as a repeat offender, after the Swiss bank failed to address problems that led to a $14.5 million fine by FinCEN in December 2018. The alleged subsequent violations occurred between January 2019 and June 2023.

UBS' settlement resolved related accusations by the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority.