Switzerland's UBS bank has been fined 50,000 Swiss francs ($55,000) over due diligence considerations in connection with funds from a former president of Yemen.
The Swiss Finance Ministry on Thursday confirmed the size of the fine after it was initially reported by the country's broadcaster SRF.
UBS, a major investment bank and financial services company, has total assets of $1.7 trillion.
The SRF report said UBS managed assets belonging to Ali Abdullah Saleh, who served from 1990 to 2012 as the first president of the unified Republic of Yemen.
Despite well-known allegations of corruption against him, the bank opened an account for Saleh and his family in 2004.
In 2009, Saleh's son reportedly deposited a cheque from the Sultan of Oman worth $10 million in Zurich on the president's orders. The bank failed to perform due diligence obligations, as it did not inform Swiss money laundering authorities of the payment despite its likely criminal origins, a spokesman for the finance ministry said.
The employees responsible for the oversight could not be identified, but the spokesman said the 50,000 franc fine was the maximum possible for such a case.