July 24, 2018
The U.S. Office of the Comptroller of the Currencyhas censured UBS for deficiencies in how it handles anti-money laundering matters, although the firm avoided a monetary penalty, the Wall Street Journal writes.
The Swiss company allegedly had inadequate systems for spotting potentially illegal financial transactions and, in addition, failed to properly monitor those systems, the OCC said, according to the paper. This resulted in failures to submit suspicious-activity reports, according to the OCC’s order cited by the Journal. In addition, UBS had deficiencies in how it performed due diligence on clients, the OCC said, according to the paper.