Category: Fines

The regulator said the penalty comes after an investigation into deficiencies in CITIC's transaction monitoring systems between November 2015 and July 2018. The HKMA found that CITIC's automated transaction monitoring system had failed to generate alerts for suspicious transactions due to errors in detection and core model rules. Additionally, they state that CITIC also failed…

The regulator said in a filing that the New York-based firm, specialising in underwriting, has also been censured and required to implement a supervisory system to address these shortcomings. The fine stems from LifeSci Capital's role as lead underwriter in the initial public offering of LifeSci Acquisition II Corp., a special purpose acquisition company (SPAC),…

The regulator said the bank failed to prevent misconduct by its relationship managers (RMs) during 24 over-the-counter (OTC) bond transactions between November 2018 and September 2019. The penalty follows a review of pricing and disclosure practices in Singapore's private banking sector. The misconduct is said to have involved RMs making inaccurate or incomplete disclosures to…

The Chicago-based brokerage, a FINRA member since 2016, was also censured as part of the settlement. Between July 2021 and July 2023, FINRA said Tastytrade failed to establish and maintain a supervisory system in compliance.  They added that the firm’s written supervisory procedures (WSPs) were said to have been inadequate, lacking clear processes for reviewing…

The violations, which spanned several years, are said to have highlighted lapses in advertising practices, supervision, and privacy compliance. According to FINRA’s findings, retail trading platform Moomoo Financial paid social media influencers to promote its services but failed to ensure these promotions were "fair and balanced." FINRA said some influencer posts made misleading claims about…

The regulator said that between June 2020 and February 2022, Travis Klein, a trader at the bank, was able to record and conceal these fraudulent trades to mask his mounting losses.  Despite previous warnings about weaknesses in its systems, Macquarie Bank failed to implement effective measures to prevent such misconduct, according to the FCA. “Despite…

The FCA announced the decision and said it follows Barclays’ withdrawal of its referral of the case to the Upper Tribunal.  “The action was based on findings which included that Barclays' conduct in its October 2008 capital raising was reckless and lacked integrity,” stated the FCA. The regulator explained that it first issued warning notices…

Metro Bank has been fined £16.67 million by the Financial Conduct Authority (FCA) for serious financial crime failings, the regulator revealed on Tuesday. The FCA said that between June 2016 and December 2020, Metro failed to implement adequate systems and controls to monitor over £51 billion worth of transactions for potential money laundering. They explained…

The financial giant was found to have breached several rules, including a failure to implement sufficient pre-trade controls and a lack of adequate monitoring of trading activity. The incident that led to the fine occurred on May 2, 2022, when a significant price drop was observed across multiple financial instruments and indices traded on Nasdaq…