Ireland fines UBS for lack of controls - by Brooke Masters

UBS’s international life assurance arm has been hit with Ireland’s first ever fine for failing to comply with a 2010 law aimed at preventing financial companies from being used to launder money and finance terrorism.

The €65,000 penalty handed out to the Swiss bank’s unit is part of Ireland’s broader effort to strengthen oversight of the banking sector after the financial collapse that forced the country to seek a €67.5bn bailout from the EU and International Monetary Fund.

Irish regulators found that UBS failed to put in place the necessary controls after the law was passed or instruct its directors on the anti-money laundering rules.

The fine, while tiny by US and UK standards, is yet another strike at systems and controls at UBS, which settled with US tax authorities after a long wrangle, suffered a $2bn rogue trading loss last year and is being investigated, along with other banks, for possible manipulation of the London interbank lending rate, known as Libor.

Note EU-Digest: Isn't it time this ever increasing number of banks which are being caught for fraud are handed out some criminal charges by the justice system? 

Read More: Ireland fines UBS for lack of controls - FT.com