Most often this is only a wheel speed sensor problem. The faults will have to be read to see what actual fault is set and to see what wheel is the problem sensor.
I have also seen a problem with the actautor for the ASC (automatic slip control) have problems. This is an actuator that closes the throttle in response to slipping of the wheels.
It would be worth it to have the faults checked by your local BMW dealer or foriegn auto part mechanic to localize the exact problem in the system. In the long run this will save money so that you are not chasing the wrong component.