UBS AML Enforcement Exposes Underlying Data Weaknesses

UBS AML Enforcement Exposes Underlying Data Weaknesses

A coordinated US enforcement action against UBS Financial Services has exposed how incomplete data feeds, faulty system configuration and weak customer-risk controls can undermine an automated anti-money laundering (AML) programme. FINRA found that UBS failed to monitor adequately more than 60,000 foreign-currency wires worth over $10 billion between January 2019 and June 2023. The deficiencies...

FCPN product: Virtual Assets - Red Flags and Recommendations

Date Published: August 2026 This paper identifies red flags signalling illicit virtual asset activity through analysis between 2023 and 2024. These red flags will help enhance the financial services industry’s understanding of illicit virtual asset activity and highlight concerns and considerations to ensure resilience.The analysis focused on identifying behavioural and transactional patterns indicating unusual activity, during on-ramp and off-r…

UBS hit with record $125 m AML fine after regulators find repeat failures and ignored red flags - VinciWorks

UBS has been hit with a $125 million fine by the US Financial Crimes Enforcement Network (FinCEN) for what regulators described as willful violations of the Bank Secrecy Act. It is the largest civil penalty ever imposed on a broker-dealer for violations of the US’s AML law. But the size of the fine is not as significant as why UBS was fined. The case involves high-risk customers, inadequate source-of-wealth investigations, hundreds of suspicious…