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UBS Financial Services Hit With $125 Million FinCEN Penalty

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UBS' (UBS) UBS Financial Services unit was assessed a $125 million civil money penalty for alleged violations of the Bank Secrecy Act, the US Treasury Department's Financial Crimes Enforcement Network said Monday.

The agency said UBS Financial Services failed to properly monitor foreign currency wire transfers involving more than $10 billion, conduct adequate customer due diligence, and timely report suspicious activity.

Under the settlement, the agency said UBS Financial Services agreed to an independent assessment of its anti-money laundering program.

UBS did not immediately respond to' request for comment.

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