AMSF - Autorité Monégasque de Sécurité Financière

UBS Fined 6 Million Euros for Money Laundering Control Breaches Monaco's financial watchdog fined UBS 6 million euros for serious breaches in money laundering and terrorist financing controls. The breaches, identified from 2018 to 2023, included delays in suspicious transaction reports and risk assessments. UBS was found lacking in verifying client identities and the backgrounds of high-risk clients, such as politically exposed persons. Notable issues included unjustified transfers, like two outgoing $400,000 transfers and a $500,000 transfer justified by a $73,000 invoice. UBS acknowledged the sanction and is reviewing the decision, which can be appealed within two months. The decision will be published for five years.