UBS AG may have to pay out as much as $30.4 million in fines and compensation for compliance failures on the sale of a fund linked to American International Group Inc.
The bank was fined nearly $15 million by the U.K.’s financial watchdog for failing to carry out due diligence on the AIG Enhanced Variable Rate Fund before selling it to customers, the U.K. Financial Services Authority said in an emailed statement. It may need to pay out about $15 million more in compensation to customers, the agency said.
