The regulator cites lapses in foreign currency wire surveillance, customer due diligence and suspicious activity reporting.

The US Financial Industry Regulatory Authority (Finra) has fined UBS Financial Services (UBS Financial) US$20m for anti-money laundering (AML) violations, including repeat failures to monitor foreign currency wire activity and detect suspicious transactions. The firm did not reasonably implement its customer due diligence programme  Finra found that UBS Financial again failed to establish and implement an AML programme reasonably intended to detect and report suspicious foreign currency