Category: Fines

SFC fines
January 26, 2018 BY Valentina Kirilova

FCA fines One Call Insurance Services Ltd £977,147

The Financial Conduct Authority (FCA) has today published Decision Notices in respect of One Call Insurance Services Limited (One Call) and its Chief Executive and majority shareholder John Lawrence Radford. A connected company to One Call, One Insurance Limited (OIL), has made a reference to the Upper Tribunal (the Tribunal) as a third party in…

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January 25, 2018 BY Valentina Kirilova

FCA fines Interactive Brokers (UK) Ltd £1,049,412 for poor market abuse controls

The Financial Conduct Authority (FCA) informed that it has today imposed a financial penalty on Interactive Brokers (UK) (IBUK) in the amount of £1,049,412 for failings in its post-trade systems and controls for identifying and reporting suspicious transactions in the period February 2014 to February 2015 (“the Relevant Period”). IBUK is an online broker based…

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January 19, 2018 BY Valentina Kirilova

HSBC Holdings agrees to pay more than $100 million to resolve fraud charges

HSBC Holdings plc (NYSE:HSBC) announced that it has entered into a three-year deferred prosecution agreement with the US Department of Justice (DoJ) to resolve the DoJ’s investigation into HSBC’s historical foreign exchange sales and trading activities within its Global Markets business. Under the agreement, HSBC will pay a total of US$101.5m, including a US$63.1m fine…

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SFC fines
January 11, 2018 BY Valentina Kirilova

Hong Kong SFC reprimands and fines EFG Bank AG $2 million

The Securities and Futures Commission (SFC) announced that it has reprimanded and fined EFG Bank AG (EFG Bank) $2 million for dealing in futures contracts without the required registration. The SFC found that between 1 April 2003 and 22 November 2016, EFG Bank executed 139 transactions in offshore listed index options for 11 clients without…

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SFC fines
January 08, 2018 BY Valentina Kirilova

FCA fines and bans former RBS Trader Neil Danziger

The Financial Conduct Authority (FCA) announced that it has imposed a financial penalty of £250,000 on former Royal Bank of Scotland (RBS) interest rate derivatives trader, Neil Danziger, and prohibited him from performing any function in relation to any regulated financial activity. Mr Danziger formerly worked at RBS trading products referenced to Japanese Yen (JPY)…

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SFC fines
January 05, 2018 BY Valentina Kirilova

OCC assesses $70 million civil money penalty against Citibank

The Office of the Comptroller of the Currency (OCC) announced that it has recently assessed a $70 million civil money penalty against Citibank, N.A., for failing to comply with the agency’s 2012 consent order related to Bank Secrecy Act (BSA) and anti-money laundering (AML) deficiencies. In its 2012 order, the OCC cited the bank for…

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