Key facts
- UBS Financial Services Inc. was fined $125 million by FinCEN.
- The fine was for willful violations of the Bank Secrecy Act.
- This is the largest penalty ever for a broker-dealer for such violations.
- Sandoz has agreed to a $450 million settlement with 43 U.S. states and territories.
- The settlement resolves allegations of anti-competitive conduct in the generic medicine market.
- Sandoz will pay $400 million over seven years starting in 2027.
- An additional $50 million is for earlier settlements.
UBS Financial Services Inc. faces a $125 million fine from the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). The penalty stems from willful violations of the Bank Secrecy Act. This fine represents the largest penalty ever imposed on a broker-dealer for such violations.
In a separate development, Swiss drugmaker Sandoz has reached a $450 million settlement with 43 U.S. states and territories. The settlement aims to resolve allegations of anti-competitive conduct within the generic medicine market. The financial terms of the agreement stipulate payments totaling $400 million, which will be distributed over a seven-year period commencing in 2027. An additional $50 million is allocated for earlier settlements, bringing the total to $450 million.