UBS fined record $125M for anti-money laundering violations in US
UBS Financial Services was ordered by FinCEN to pay a $125 million penalty—the largest ever against a broker-dealer for Bank Secrecy Act violations—for willfully failing to monitor over 50,000 foreign currency wires worth $10 billion between 2019 and 2023. The firm also neglected due diligence on high-risk clients linked to Russia and Latin America and filed hundreds of late suspicious activity reports. Combined fines from FINRA, CFTC, and SEC total $153 million. UBS admitted violations and must hire an independent consultant to review its AML program.
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UBS fined record $125 million for money laundering violations
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) imposed a record $125 million civil penalty on UBS Financial Services for willful violations of the Bank Secrecy Act, the largest such fine ever against a broker-dealer. The settlement covers failures between January 2019 and June 2023, including inadequate monitoring of over 50,000 foreign currency wires worth more than $10 billion, insufficient customer due diligence on high-risk clients linked to Russia and Latin America, and hundreds of late suspicious activity reports. A Russian oligarch with Kremlin connections allegedly held accounts at UBS despite money laundering concerns. UBS admitted to willful violations and must hire an outside consultant to review its anti-money laundering program, with up to $15 million of the fine potentially waived. The penalty resolves parallel charges from the SEC, CFTC, and FINRA. UBS stated it worked constructively with regulators and has improved its AML controls.
Read sourceUBS fined $125m in US for money laundering breaches
The US Treasury's Financial Crimes Enforcement Network (FinCEN) has ordered UBS Financial Services to pay a $125m civil penalty for wilful violations of the Bank Secrecy Act, the largest such fine against a broker-dealer. The penalty stems from failures in UBS's anti-money laundering program, including not properly monitoring over 50,000 foreign currency wire transfers worth more than $10bn due to flaws in its automated surveillance system. FinCEN also found UBS failed to meet customer due diligence requirements, particularly for high-risk clients linked to Russia and Latin America, and did not adequately consider money laundering risks tied to negative media reports about clients. This is the second FinCEN action against UBS, following a $14.5m penalty in 2018. Under the consent order, UBS must hire a third party to conduct a lookback for missed suspicious transactions and undergo an independent AML program review. UBS stated it has cooperated fully and made significant investments to strengthen its AML program.
Read sourceUBS Fined $153 Million by Three U.S. Regulators for Anti-Money Laundering Violations
On August 3, 2026, three U.S. regulators—FinCEN, FINRA, and the Commodity Futures Trading Commission—announced combined penalties of $153 million against UBS Financial Services for anti-money laundering (AML) violations. The violations, which occurred from January 2019 through June 2023, involved failures in monitoring foreign currency wires and conducting customer due diligence, particularly regarding high-risk clients linked to Russia and Latin America. FinCEN levied a historic $125 million penalty, its largest to date, for willful violations of the Bank Secrecy Act. FINRA fined UBS $20 million, and the CFTC added $8 million. Regulators noted that UBS had previously been fined in December 2018 for similar issues but failed to remediate them. UBS admitted to the violations, agreed to work with a third-party to review and strengthen its AML program, and stated the announcement brings closure to a legacy matter.
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UBS Fined $125 Million for Anti-Money Laundering Violations by U.S. Regulators
Three U.S. regulators—FinCEN, FINRA, and the CFTC—imposed a combined $125 million fine on UBS Financial Services for anti-money laundering violations that occurred from January 2019 through June 2023. The penalties stem from failures in monitoring foreign currency wires and conducting due diligence on high-risk customers, including those with ties to Russia and Latin America. FinCEN's $97 million penalty is its largest to date and follows a 2018 fine against UBS for similar issues. UBS admitted to violating the Bank Secrecy Act and must work with a third party to review and strengthen its AML program. The bank stated it has cooperated fully and made significant investments to remediate the issues.
Read sourceUBS Fined $153 Million by U.S. Regulators for Anti-Money Laundering Violations
Three U.S. regulators—FinCEN, FINRA, and the CFTC—announced combined fines of $153 million against UBS Financial Services for anti-money laundering (AML) violations. The penalties stem from failures in foreign currency wire monitoring and customer due diligence between January 2019 and June 2023. FinCEN imposed a record $125 million civil penalty for willful violations of the Bank Secrecy Act, citing UBS's failure to remediate issues from a 2018 fine and its inability to monitor over 50,000 foreign currency wires worth more than $10 billion. UBS also failed to perform adequate due diligence on high-risk customers linked to Russia and Latin America. FINRA fined UBS $20 million and the CFTC added $8 million. As part of the settlement, UBS must work with a third party to conduct a lookback for suspicious transactions and review its AML program. UBS stated it has cooperated fully and invested to strengthen its AML procedures.
Read sourceUBS to pay US$125 million in fines over anti-money laundering violations
UBS Financial Services, a subsidiary of UBS Group, has agreed to pay US$125 million in fines to settle allegations by the US government that it wilfully and repeatedly violated anti-money laundering (AML) rules. The US Treasury Department's Financial Crimes Enforcement Network (FinCen) called it the largest-ever fine against a broker-dealer for Bank Secrecy Act (BSA) violations. UBS failed to monitor more than 50,000 foreign currency wires totalling over US$10 billion, despite a 2018 consent decree requiring improved controls. As part of the settlement, UBS admitted wilfully violating the BSA, including failing to implement an AML programme or file suspicious activity reports. The penalties also include amounts paid to the SEC, FINRA, and CFTC. UBS stated the announcement closes a 'legacy matter' and that it has made significant investments to strengthen its AML programme.
UBS to pay $125 million in anti-money laundering penalties
The Financial Crimes Enforcement Network (FinCEN) has ordered UBS Financial Services, a subsidiary of Swiss banking giant UBS, to pay a $125 million penalty for willful violations of the Bank Secrecy Act (BSA). This is the largest penalty FinCEN has ever imposed against a broker-dealer for BSA violations. The penalty includes fines to be paid to FINRA, the CFTC, and the SEC over anti-money laundering (AML) violations, supervision failures related to foreign wire transfers, and failure to timely file suspicious activity reports. Between January 2019 and June 2023, UBS failed to monitor approximately 60,000 foreign currency wires valued at about $10 billion, including transactions involving high-risk geographic locations and customers with alleged ties to corruption and money laundering. The firm had previously entered a consent order in 2018 for similar violations but failed to remediate the issues for years. A UBS spokesperson said the announcement brings closure to a legacy matter and that the firm has made significant investments to strengthen its AML program.
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