FSA fines bank for failings in reporting

The Financial Services Authority (FSA) has fined a private banking arm of the Swiss bank UBS £100,000 for failings in its reporting of financial trades.

UBS became the first firm to agree a settlement with the FSA under new procedures introduced after the Enforcement Process Review, which aim to speed up the process.

In July 2005 UBS Wealth Management (UBS WM) made a suspicious transaction report to the FSA.

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