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Update: UBS Financial Services Hit With $125 Million FinCEN Penalty

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(Updated with a response from UBS spokesperson in the fourth paragraph.)

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.

"Today's announcement brings closure to this legacy matter," said a UBS spokesperson said in a statement emailed to. "UBS has cooperated fully with its regulators and has made significant investments to remediate and strengthen its AML program in line with leading industry practices."

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