The Financial Crimes Enforcement Network (FinCEN) has assessed a historic $125 million civil money penalty against UBS Financial Services Inc. for willful violations of the Bank Secrecy Act (BSA).
This significant action marks the largest penalty ever imposed against a broker-dealer for BSA infractions. The BSA serves as the primary U.S. law aimed at combating money laundering and countering the financing of terrorism, designed to safeguard the financial system from illicit use.