Fun Fact:<\/strong>\u00a0The bank\u2019s name, UBS, comes from its historical merger<\/strong> between the Union Bank of Switzerland and the Swiss Bank Corporation in 1998. Following its acquisition of Credit Suisse, UBS Group AG is one of Switzerland’s largest banks, dominating with over 40%<\/strong> of market share.<\/p>\n<\/div>\n\n\n The AMSF is Monaco\u2019s Financial Intelligence Unit that oversees AML and Counter-Terrorist Financing (CTF) compliance. During the investigation, the AMSF found that UBS Monaco breached the country\u2019s AML obligations from 2018 to 2023<\/a>. The violations included deficiencies in Customer Due Diligence (CDD)<\/a> and ongoing monitoring processes mandated under Monaco\u2019s regulatory framework.<\/p>\n\n\n\n The bank also failed to document the nature and purpose of high-risk financial transactions. This is in particular to PEPs with close ties to government entities. This was shocking, as it is a gap that bad actors can exploit easily to move illicit money. <\/p>\n\n\n\n The AMSF\u2019s call was a significant move in reinforcing its role in combatting money laundering and other financial crime. This is especially important, since Monaco was listed in the Financial Action\u2019s Task Force (FATF) grey list in 2024 and the European Commision\u2019s high-risk third country list in 2025.<\/p>\n\n\n Fun Fact:<\/strong> The grey list was first formalised by the FATF post-2007. The list puts a country under increased monitoring<\/strong> due to strategic deficiencies in AML and CTF controls. Some of the countries included in the grey list in recent years are Bolivia, Kuwait, and Venezuela.\u00a0<\/p>\n<\/div>\n\n\n Moreover, the AMSF noted that UBS Monaco was unable to provide them with the required details on the nature and purpose of multiple business relationships, pointing to systematic gaps in its internal audit function. Ultimately, the \u20ac6 million fine accompanied reputational consequences, as the AMSF will publish the enforcement decision for up to five years.<\/p>\n\n\n\nWhat Led to the UBS Monaco Fine?<\/h2>\n\n\n\n
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<\/figure>\n\n\n\nUBS Monaco repeatedly breached compliance obligations, including:<\/h3>\n\n\n\n
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Some notable gaps that led to the multi-million euro fine include:<\/h3>\n\n\n\n
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Monaco’s Inclusion in the FATF Grey List<\/h2>\n\n\n\n
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