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NEWS: UBS fined €6m in Monaco over multiple AML failings

Premium May 7, 2026
Warning from UBS audit on bank's statements

NEWS: Bank clerk hangs up on Pope Leo during KYC check

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INSIGHT: Why AMLA must move quickly on harmonisation to silence critics

INSIGHT: What companies must know about the new Malta Settlement and Enforcement Guide

By PAUL O’DONOGHUE, Senior Correspondent

UBS Group has been fined €6 million in Monaco after regulators identified multiple weaknesses in the bank’s AML controls.

In a decision issued last week, Monaco’s AMSF (Autorité Monégasque de Sécurité Financière) criticised UBS Monaco over several compliance failures.

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NEWS: Bank clerk hangs up on Pope Leo during KYC check

 Premium

INSIGHT: Why AMLA must move quickly on harmonisation to silence critics

INSIGHT: What companies must know about the new Malta Settlement and Enforcement Guide

Regulatory Watch News

  • Croatia: 21 suspects arrested in probe into suspected corruption and fraud involving agricultural funds

    European Public Prosecutor's Office

    (Luxembourg, 7 May 2026) – The European Public Prosecutor’s Office (EPPO) in Zagreb (Croatia) has initiated an investigation against 21 Croatian citizens, including one public official and a former public official, who were arrested yesterday in a probe into possible corruption and subsidy fraud involving subsidies from the European Agricultural Fund for Rural Development (EAFRD) and the European Agricultural Guarantee Fund (EAGF). The arrests have been conducted in the wake of 30 searches involving 150 police officers, carried out on 6 May 2026 in cooperation with the Sisak-Moslavina Police Department [Policijska uprava sisačko-moslavčka] and the Independent Sector for Financial Investigations at the Ministry of Finance’s Tax Administration [Ministarstvo financija, Porezna uprava, Samostalni sektor za financijske istrage].

  • Slovenia: Council of Europe’s anti-corruption body GRECO closes monitoring round

    GRECO

    The Council of Europe’s Group of States against Corruption (GRECO), has closed its 5th evaluation round concerning Slovenia, in light of the progress achieved in implementing recommendations on preventing corruption within top executive functions in central government and law enforcement agencies. In a report published today, GRECO concludes that Slovenia has satisfactorily implemented or dealt with in a satisfactory manner 12 of the 15 recommendations addressed by GRECO to Slovenia in the Evaluation Report adopted in 2017. Three recommendations remain partly implemented, notably in areas related to financial transparency and oversight.

  • SFC obtains disqualification orders against former directors of China Candy Holdings Limited

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) has obtained disqualification orders with durations of up to 33 months in the Court of First Instance against four former directors of China Candy Holdings Limited (China Candy) over their negligence in failing to uncover the overstatements in the company’s financial records and in discharging their duties as directors . The four former directors of China Candy named in the SFC’s legal proceedings are: Ms Li Yuna and Ms Yvonne Hung, former executive directors and chairpersons; Mr Fangus Chu Wai Wa and Mr Ong King Keung, former independent non-executive directors .

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