ZURICH— UBS AG became the latest global bank to plead guilty to crimes in the U.S. and was slapped with $545 million in fines, after authorities probing the manipulation of foreign-exchange rates tore up a three-year-old immunity agreement with Switzerland’s biggest lender.

The fines for UBS are the first of what is expected to be a wave of settlements Wednesday between big banks and U.S. regulators over alleged manipulation of foreign-exchange markets.

Zurich-based UBS said it isn’t being charged as part of a broader foreign-exchange investigation, but that its conduct prompted the Justice Department to void a separate agreement struck in 2012 that spared the bank from charges related to manipulation of the London interbank offered rate, or Libor.

UBS will plead guilty to wire fraud and pay a fresh $203 million fine related to the Libor case. In addition, the bank will pay a $342 million penalty to the U.S. Federal Reserve, for “engaging in unsound business practices” related to its foreign-exchange business.

The Wall Street Journal previously reported that U.S. prosecutors took into account UBS’s promise not to break the law in its 2012 nonprosecution agreement for Libor, and believed misconduct by bank’s employees trading in foreign currencies violated those terms.