Quartz·1 min read·medium
UBS was fined a record $125 million for repeated money laundering failures
✦AI Summary
UBS has been fined $125 million by FinCEN for failing to prevent money laundering, marking the largest penalty ever issued to a broker-dealer under the Bank Secrecy Act. This is the second time the firm has faced regulatory action for similar compliance failures.
The penalty is the largest ever imposed against a broker-dealer under the Bank Secrecy Act, and marks FinCEN's second action against the firm
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