10:36 AM EDT, 05/30/2024 (MT Newswires) -- (Updates throughout with information provided by the Swiss finance ministry.)

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, the finance ministry confirmed to MT Newswires Thursday.

Bloomberg first reported the news earlier Thursday.

The fine was imposed on UBS because it failed to report suspicious activity reports "from 2009 onwards despite reasonable suspicion of the origin of funds from crime (corruption)," the finance ministry told MT Newswires in an emailed statement.

"The penalty notice is dated April 4, 2024 and has become legally binding following the expiry of the 30-day objection period," the finance ministry told MT Newswires.

UBS didn't immediately respond to a request for comment by MT Newswires.

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