--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