UBS fined $14.5 million by FinCEN for anti-money laundering program failures
( December 17, 2018, 18:06 GMT | Official Statement) -- MLex Summary: UBS has been fined $14.5 million by the US Financial Crimes Enforcement Network for anti-money laundering failures in violation of the Bank Secrecy Act. "The firm did not adequately structure its AML program to address the use of securities accounts for the purpose of moving funds rather than trading securities," FinCEN said. "FinCEN determined that from 2004 to 2017, UBSFS failed to implement an adequate AML program and failed to implement an adequate due diligence program for foreign correspondent accounts."Statement follows....
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