UBS Fined €6 Million by Monaco Over Repeated Dirty Money Failures

UBS Group AG was fined €6 million ($7 million) in Monaco over weak anti-money laundering controls, including filing a report 253 days after a suspicious transaction.

The penalty is the first against a global bank by Monaco watchdogs since the city-state was added two years ago to an international “gray list” of jurisdictions deemed insufficiently vigilant about dirty money. As it attempts to shake off the designation, the principality has tightened laws and sought to show that authorities it can take meaningful enforcement action.