The Globe and Mail reports in its Tuesday, Aug. 4, edition that UBS was fined $125-million by United States regulators for violating the Bank Secrecy Act, marking the largest civil fine against a broker-dealer for breaching the U.S. anti-money laundering law (all figures U.S.). A Reuters dispatch to The Globe reports that the Financial Crimes Enforcement Network (FinCEN) said UBS admitted to willfully failing to maintain an anti-money laundering program and to file suspicious activity reports. Monday's settlement reflected UBS's status as a repeat offender, after it failed to address problems that led to a $14.5-million fine by FinCEN in December, 2018. The alleged subsequent violations occurred between January, 2019, and June, 2023. UBS's settlement resolved related accusations by the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority. In a statement, UBS said it co-operated with regulators and has made significant investments to strengthen its antimoney-laundering program "in line with leading industry practices."