Can Pac Swire
According to Bloomberg, this represents the highest penalty for such infractions levied by the Financial Crimes Enforcement Network (FinCEN) on a brokerage firm.
The initial penalty on UBS Financial Services was levied in 2018 due to insufficient oversight of questionable currency transactions. At that moment, the penalty was $14.5 million. Since that time, UBS has not tackled the problem, leading to the improper screening of over 50,000 transfers amounting to more than $10 billion, as reported by the regulator.
A UBS representative mentioned that the bank "thoroughly collaborated with the regulator and has made substantial investments in improving its anti-money laundering systems."
The penalty will be distributed among FinCEN, the Securities and Exchange Commission (SEC), the Financial Institutions Regulatory Authority (FIRA), and the Commodity Futures Trading Commission (CFTC).
source: bloomberg.com
The initial penalty on UBS Financial Services was levied in 2018 due to insufficient oversight of questionable currency transactions. At that moment, the penalty was $14.5 million. Since that time, UBS has not tackled the problem, leading to the improper screening of over 50,000 transfers amounting to more than $10 billion, as reported by the regulator.
A UBS representative mentioned that the bank "thoroughly collaborated with the regulator and has made substantial investments in improving its anti-money laundering systems."
The penalty will be distributed among FinCEN, the Securities and Exchange Commission (SEC), the Financial Institutions Regulatory Authority (FIRA), and the Commodity Futures Trading Commission (CFTC).
source: bloomberg.com