The Federal Reserve fined UBS $268.5 million in connection with “unsafe and unsound counterparty credit risk management practices” between Credit Suisse — the bank UBS recently acquired — and defunct investment fund Archegos, according to a consent order announced Monday.

Credit Suisse failed to adequately manage the risk posed by Archegos despite repeated warnings, the Fed said. Exposure to Archegos cost the Swiss bank roughly $5.5 billion in March 2021.

UBS “has already begun implementing its risk framework, including actions addressing these regulatory findings, across Credit Suisse,” the bank said in a statement Monday seen by Bloomberg.

UBS had previously said it expected to pay out as much as $4 billion in legal liabilities over the next year as a result of taking on Credit Suisse.

The Fed wasn’t the only regulator Monday to issue a penalty to UBS over Credit Suisse’s Archegos dealings. The U.K.’s Prudential Regulation Authority also fined the bank £87 million ($112 million), a fine the agency said was its largest ever.

“Credit Suisse’s failures to manage risks effectively were extremely serious, and created a major threat to the safety and soundness of the Firms,” Sam Woods, the PRA’s CEO, said in a statement Monday.