Swissinfo: Monaco fines UBS Group AG €6M for repeated AML failures, citing long-standing weaknesses in due diligence, suspicious transaction reporting, and oversight of high-risk client structures

Monaco’s financial watchdog cites repeated breakdowns in its compliance system over several years, including delayed suspicious transaction reporting, weak customer due diligence, and insufficient verification of complex client ownership structures; regulators said these shortcomings reflected a broader failure in internal controls and highlighted the bank’s exposure to high-risk clients and transactions…