Monaco slaps UBS with €6 million money laundering fine

Monaco's financial markets watchdog has fined UBS €6 million for "numerous serious breaches" in money laundering and terrorist financing controls. +Get the most important news from Switzerland in your inbox "The number and repetition of these shortcomings demonstrate an overall failure in the institution's compliance and internal control system", reads the decision published on the website of the Monegasque Financial Security Authority (AMSF) and reported by the Gotham City and Inside Paradeplatz media.