PARIS (AP) — UBS France is being fined 10 million euros ($13 million) after French authorities found the bank delayed tightening up controls to curb money laundering and cross-border fiscal fraud.
The French banking regulator, ACP, said Wednesday that UBS France was warned by autumn 2007 about inadequate procedures and did nothing for 18 months. The statement did not specify whether there had been any illicit activity. French prosecutors are separately investigating UBS France — and three executives — for complicity in illegal business dealings.
In a statement, the Swiss bank said its French subsidiary has been under new leadership since 2012 "and has continuously strengthened its rules and processes."
The bank said it was considering appealing the decision and has denied wrongdoing in the investigation.