UBS Fined $100 Million for Breaking U.S. Embargoes

The New York Federal Reserve fined Switzerland's UBS(UBS Quote) $100 million for violating a U.S. embargo on banking transactions with Cuba, Iran, Yugoslavia and Libya.

The Fed took the action after discovering employees at UBS tried to conceal that the bank had violated the embargo by trading in U.S. dollars with financial institutions in the those four countries.

The Fed had selected UBS to participate in a program to buy-up old dollar notes and replace them with new bills. ...