UBS fined in tax evasion probe

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The French unit of Switzerland's UBS has been fined 10 million euros by the French banking regulator ACP.

The penalty is for UBS having delayed tightening controls on money-laundering and tax evasion.

The ACP said UBS France had dragged its heels following an initial warning in 2007 and had waited 18 months before putting in place necessary oversight.

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