--UBS was fined $55,000 by Swiss authorities as it neglected to report ties to illicit activity by ex-president of Yemen, Ali Abdullah Saleh, following proceedings that started in 2021, Bloomberg first reports.
--UBS faces the highest possible penalty that can be handed to a legal entity as it failed to report money laundering cases "despite well-founded suspicion that the origin of the funds was from corruption," the Swiss Finance Ministry told Bloomberg.
--UBS enabled account holders to withdraw funds prior to them being frozen, the ministry said, according to Bloomberg.
--UBS didn't immediately respond to a request for comment by Dow Jones Newswires.
Full story: bit.ly/3X3oPPN
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
05-30-24 1304ET