U.S. Treasury fines UBS Financial Services $125 million for secrecy violations
UBS•U.S. Treasury imposes $125 million fine on UBS Financial Services
WASHINGTON, Aug. 3 (Reuters) - The U.S. Treasury said on Monday it had fined UBS Financial Services Inc. $125 million for what it called willful violations of the Bank Secrecy Act.
"Today's historic action against UBSFS should send a clear message that recidivist financial institutions will face severe repercussions," Andrea Gacki, director of the Treasury's Financial Crimes Enforcement Network, said in a statement.
