UBS broker-dealer fined $15m in US for AML programme deficiencies

UBS Financial Services, Inc. (UBSFS), US broker-dealer subsidiary of the Swiss banking group, is to pay $15m in total in civil penalties to FinCEN ($5m) [1], the Securities & Exchange Commission (SEC - $5m) [2] and FINRA ($4.5m with $0.5m levied on UBS Securities LLC [UBSS]) [3] for failing to implement an adequate AML programme, including transaction monitoring, and conduct proper due diligence on foreign correspondent accounts from 2004 through 2017.