UBS Agrees to Pay $15 Million Over Money Laundering Lapses (1)

A UBS Group AG brokerage unit agreed to pay $15 million to settle allegations from U.S. regulators that it failed to establish and implement appropriate controls to prevent money laundering.

UBS Securities LLC lacked a reasonably designed compliance program to spot suspicious transactions tied to non-resident accounts at a San Diego-based branch, according to a Dec. 17 order from the from the Securities and Exchange Commission. From January 2011 to March 2013, the bank moved over $9 billion through the one San Diego branch.

UBS agreed to settle the SEC case without admitting or denying wrongdoing. The brokerage unit also ...