UBS fined 125M for money laundering Putin regime.
BWAAHH,,they fired the US Heads of AML TM and TM Modeling last year in favor of Indian yes men. They gutted the GCRG tech team in Weehawken and Stamford so they could do all FCP and Compliance work in cheap but expert-less Pune..and now they pay 125M! Laughing so hard at the Group Compliance MD morons who cut tech funding constantly and kissed Ermotti's ring. I heard they provided no raises and no bonus to compliance IT bc don't need them in US. Eat it greedy UBS swine.
The US Treasury has fined UBS a record $125mn over its failure to implement adequate anti-money laundering controls despite being sanctioned for similar shortcomings in 2018. UBS Financial Services, the Swiss bank’s US broker-dealer and wealth management subsidiary, failed to put in place an effective anti-money laundering programme and properly review foreign currency transactions worth more than $10bn, according to findings from the US Treasury’s Financial Crimes Enforcement Network. FinCen said it was the largest penalty ever imposed against a broker-dealer for violations of the Bank Secrecy Act. It labelled UBS a repeat offender after it received a $14.5mn fine in 2018 for similar conduct and made commitments to remediate its failings. “Today’s historic action against UBSFS should send a clear message that recidivist financial institutions will face severe repercussions,” said FinCen director Andrea Gacki. UBS admitted that it had “wilfully violated” the Bank Secrecy Act as part of its agreement with FinCen, including by failing to properly monitor certain transactions and properly conduct due diligence on high-risk customers. The penalty includes fines from the Securities and Exchange Commission, Commodity Futures Trading Commission and the Financial Industry Regulatory Authority.
Racketeering is the operation of an enterprise through a pattern of illegal activity (such as money laundering, fraud, bribery, or sanctions evasion) for financial gain. In the US, prosecutors often use the RICO Act when they believe an organization knowingly enabled or participated in repeated criminal conduct.
In UBS’s case, regulators found failures in anti-money-laundering controls and monitoring. For racketeering allegations to also apply, authorities would need evidence that executives or employees intentionally coordinated an ongoing scheme involving criminal activity, rather than simply maintaining inadequate compliance systems.
Apparently UBS was using a 'complex monitoring system that included an Excel spreadsheet.'
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