09:59 AM EDT, 05/30/2024 (MT Newswires) -- UBS (UBS) has been hit with a 50,000 Swiss franc ($55,220) fine by the Swiss finance ministry for allegedly failing to report cases of suspected money laundering linked to the former president of Yemen Ali Abdullah Saleh, Bloomberg reported Wednesday.

The probe had been launched in 2021 and it took two years for prosecutors to get the relevant files from UBS, the Swiss finance ministry told Bloomberg.

The bank failed to report the cases "despite well-founded suspicion that the origin of the funds was from corruption," the ministry told Bloomberg.

UBS and the Swiss finance ministry didn't immediately respond to requests for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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