Barclays served as Premier FX’s sole banker in the UK. The bank failed to identify that Premier FX’s internal controls were deficient and because of that, failed its due diligence conduct. Mark Steward, Executive Director of Enforcement and Market Oversight, said: Premier FX, which handled money on behalf of other people, presented particularly high risks…
Read more
As result, Barclays the routed 19,500 orders for 2,500,000 contracts to the market unchecked. Of those 9,500 orders for 1,125,000 contracts were executed. Additionally, the firm did not prevent the entry of erroneous orders of a total of $11.8 million, rather than the intended $118,000. The company has accepted FINRA’s monetary penalty but has not…
Read more
Many companies in the retail industry use the services of third-party firm for these reporting tasks. Admiral Markets AS also uses assistance of qualified and professional service providers for reporting. Admiral Markets stated: The company has made every effort to properly comply with its reporting obligations and to correct any errors identified in cooperation with…
Read more
The regulator also alleges that Feist failed to get to know and understand Interactive Broker’s AML program and did not even supervise the company’s AML analysts. FINRA highlighted: While he was AMLCO, Feist learned about, but failed to recognize the import of, facts that should have alerted him that Interactive Brokers' AML program was not…
Read more
Credit Suisse violations FINRA discovered that Credit Suisse failed to comply with the Securities and Exchange Commission’s Customer Protection Rule in two ways. First, the company is required to maintain possession or control of billions of dollars of fully paid and excess margin securities it carried for customers, which it failed to do. The second…
Read more
The Panel also pointed out that BGC Partners’ failure appeared to be the result of unintentional operator error. It concluded that it is likely this error could have been avoided if BGC Partners had updated its systems to incorporate enhanced technological safeguards. The official statement said: Although enhanced technological safeguards may not be required where…
Read more
The administrative five was also imposed on Rodeler Ltd as the AFM found the firm directed Rodeler NL in the violation. The AFM highlighted that such violations can result in a fine of up to €2 million. However, in its decision to impose a €15,000 fine, AFM took into consideration the limited financial strength of…
Read more
BaFin stated: It requires contributors to have in place effective systems and controls. Contributors are natural or legal persons who contribute data for determining benchmarks. In the European Union, the Euro Interbank Offered Rate (EURIBOR) is used as benchmark, for example. Breaches of the Benchmarks Regulation can result in a fine which can reach up…
Read more
Furthermore, Manuela Mazzacco, who is a member of the Board of Directors received a €100,000 fine and a 5 year ban from exercising management functions in any CIFs. Andreas Lianos, who is also on the board, got a €50,000 fine and a 3 year ban. The other board members, including Costas Georgiades, Elena Economides Demetriou…
Read more
In addition, the UK regulator also requires BCMUK to pay redress to clients who have suffered loss as a result of its failings. BlueCrest has challenged the FCA’s decision and has referred the case to the Upper Tribunal, which will determine the appropriate action. The FCA added: The findings in the Decision Notice are provisional…
Read more