FINRA - Financial Industry Regulatory Authority

FINRA Fines UBS $20M for Repeated AML Compliance Failures FINRA has fined UBS Financial Services Inc. $20 million for repeated anti-money laundering (AML) violations. UBS failed to establish an effective AML compliance program, inadequately monitoring over 60,000 transactions totaling $10 billion between January 2019 and June 2023. The firm did not detect suspicious activities, including foreign currency wires involving high-risk locations. Despite a previous $4.5 million fine in 2018, UBS continued using an inadequate monitoring system until 2021. The firm also failed in customer due diligence, leading to incorrect risk assessments. UBS accepted FINRA's findings without admitting or denying them.