UBS Unit Fined $125 Million Over US Bank Secrecy Act Violations

10:28 AM EDT, 08/03/2026 (MT Newswires) -- The US Treasury Department's financial crimes bureau imposed a civil money penalty worth $125 million on UBS Group's (UBSG.SW) UBS Financial Services over "willful violations" of the country's Bank Secrecy Act. The Financial Crimes Enforcement Network said Monday that the Swiss bank's unit failed to conduct appropriate customer due diligence, specifically for high-risk customers with ties to Russia and Latin America, and failed to consider risks associated with their sources of wealth, as well as negative news reports alleging their links to corruption, fraud, and money laundering. These lapses caused UBS Financial Services to miss timely reporting of hundreds of suspicious transactions. As part of a resolution with the bureau, UBS Financial Services admitted to "willfully" violating the Bank Secrecy Act, including failures to implement and maintain an anti-money laundering program and to file suspicious activity reports.