UBS fined for anti-money laundering breaches
Reprimand and fine
The Central Bank reprimanded the firm and required it to pay a monetary penalty of €65,000 for its failure to comply with certain requirements of the CJA 2010, aimed at protecting the financial system from the risk of exposure to money laundering and terrorist financing.
Breaches
The breaches identified are:
- UBS International Life Limited failed to demonstrate that it had instructed any of its staff on the law in relation to money laundering and terrorist financing from 15 July 2010 (when the CJA 2010 came into force) until December 2010. Furthermore, with one exception, the firm failed to provide this instruction to the directors of the firm until 26 April 2011. These failures amounted to breaches of Section 54 (6) (a) of the CJA 2010.
- UBS International Life Limited failed to demonstrate that it had met the requirements for placing reliance on third parties, in accordance with Section 40 (3) of the CJA 2010, thereby failing to comply with its obligations in relation to the identification and verification of customers. These breaches occurred from 15 July 2010 to 30 May 2011.
- UBS International Life Limited failed to adopt adequate written policies and procedures in relation to the identification and reporting of suspicious transactions. These breaches amounted to a breach of Section 54 (2) of the CJA 2010.
Central bank detailed press release link: click here
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