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.


French prosecutors are separately investigating UBS France for complicity in illegal business dealings.

The Swiss bank said its French subsidiary has been under new leadership since 2012 ‘‘and has continuously strengthened its rules and processes.’’ The bank said it was considering appealing the decision and has denied wrongdoing.

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