$14.5 Million FinCEN Penalty for AML Failures

On December 17, 2018, the Financial Crimes Enforcement Network (FinCEN) announced a $14.5 million assessment against UBS Financial Services, Inc. (UBSFS) for willful violations of the Bank Secrecy Act (BSA).  As a full-service broker-dealer, UBSFS provides securities and commodities brokerage services; investment products and advisory services; portfolio management products and services; and execution and clearance services for transactions originated by individual investors.  From 2004 through April 2017, FinCEN determined UBSFS willfully failed to implement an adequate anti-money laundering (AML) program or to conduct ongoing due diligence for foreign correspondent accounts. 

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