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The Boston Globe

Business

UBS unit fined by French regulators

PARIS — UBS France is being fined $13 million after French authorities found the bank delayed tightening controls to curb money laundering and cross-border fraud.

The French banking regulator said Wednesday that UBS France was warned by autumn 2007 about inadequate procedures and did nothing for 18 months. It did not say whether there had been any illicit activity.

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