UBS Financial Services Inc., a subsidiary of UBS Group AG, agrees to pay $125 million to settle U.S. government allegations that it willfully and repeatedly violated anti-money laundering (AML) requirements. Bloomberg reports the settlement follows findings that the firm’s conduct breached U.S. AML obligations.
According to PYMNTS, the $125 million is the combined amount from separate agreements reached with multiple U.S. regulators. The report states that UBS Financial Services settles charges tied to violations of the Bank Secrecy Act (BSA) and rules addressing countering the financing of terrorism (CFT). PYMNTS also notes that UBS enters separate settlement arrangements with the Commodity Futures Trading Commission (CFTC) and other regulators, with the total payment across the agreements amounting to $125 million.
Both accounts describe a civil resolution rather than a criminal proceeding, centered on compliance failures relating to AML and related BSA/CFT obligations. The settlements resolve the regulators’ allegations against the firm.
