Singapore has fined UBS for overcharging its clients in the city-state. It is the second such fine within a few days.
The Monetary Authority of Singapore (MAS) fined UBS S$11.2 million (8.1 million Swiss francs), it said in a statement. The biggest Swiss bank and leading private bank in Asia overcharged its clients for transactions with derivatives and bonds. The transactions criticized by MAS took place from 2008 through 2017.
Earlier Verdict in Hong Kong
UBS furthermore agreed to compensate clients in the city-state for charging excessive fees. It will also install an independent controller who will make sure that a similar overcharging won’t happen again.
The sanction by MAS comes three days after a similar verdict in Hong Kong. The regulator in Hong Kong on Monday ordered UBS to pay a fine of 50 million francs and a further 24 million francs in compensation.
