Paine Webber Fined For Lax Money-Laundering Controls
LONDON -- UK financial watchdogs severely reprimanded the UK arm of Paine Webber Group and fined the broker £350,000 ($507,000) for serious compliance failures, including inadequate controls to prevent money laundering.
But the Securities and Futures Authority (SFA), which levied the fine, said in August that while the firm exposed itself to the risk of money laundering, no instances of money
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