Monaco slaps UBS with €6 million money laundering fine

Published on May 7, 2026

See on Internet Archive

by
Swissinfo
My articles My site About me My videos My books
Follow on:Twitter Facebook Google +

Monaco's financial markets watchdog has fined UBS €6 million for "numerous serious breaches" in money laundering and terrorist financing controls. +Get the most important news from Switzerland in your inbox "The number and repetition of these shortcomings demonstrate an overall failure in the institution's compliance and internal control system", reads the decision published on the website of the Monegasque Financial Security Authority (AMSF) and reported by the Gotham City and Inside Paradeplatz media. Examining a period from 2018 to 2023, the AMSF noted delays in the transmission of suspicious transaction reports and in the preparation of its global risk assessment. + Dirty money does not need banking secrecy to thrive UBS was also unable to comply with its the legal requirement to verify the identity, income and beneficiaries of its clients. This was "despite the intrinsic risk presented by its client base, more than half of which is classified as medium to very high risk". The ... Full story here Are you the author?

About Swissinfo

SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

My articles My site About me My books
Follow on:Twitter Facebook Google +