SEC - Securities and Exchange Commission

UBS Fined $20M by SEC for Delayed Suspicious Activity Reports The SEC has settled charges against UBS Financial Services Inc. for failing to timely file Suspicious Activity Reports (SARs) from January 2019 to June 2023. UBSFS's inadequate monitoring of foreign currency wire transactions and failure to maintain customer risk profiles led to delays in filing SARs for suspicious transactions totaling approximately $250 million. UBSFS will pay a $20 million civil penalty and has agreed to a cease-and-desist order. The SEC's investigation involved collaboration with FinCEN, FINRA, and the Commodity Futures Trading Commission. UBSFS has engaged a consulting firm to address these compliance deficiencies.