The Daily Delta - Canadian AML & Financial Crime News
August 04, 2026
Featured
FinCEN.gov
FinCEN imposed a historic US$125 million civil money penalty on UBS Financial Services for willful Bank Secrecy Act violations, marking the largest BSA penalty against a broker-dealer to date. The action follows a 2018 consent order addressing earlier AML deficiencies that UBS failed to fully remediate. UBS subsequently failed to appropriately monitor more than 50,000 foreign-currency wires valued at over US$10 billion, disclose those monitoring failures to FinCEN, conduct adequate due diligence on certain high-risk customers with ties to Russia and Latin America, and timely report hundreds of suspicious transactions. UBS admitted the violations and must complete a third-party transaction lookback and an independent review of its AML program, with up to US$15 million of the penalty eligible to be waived if the required remediation is completed satisfactorily.
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