Tag: FCA fines

DFSA
April 10, 2019 BY Valentina Kirilova

Standard Chartered Bank fined £102.2 million for poor AML controls

The Financial Conduct Authority (FCA) has announced yesterday that it has fined Standard Chartered Bank £102,163,200 for Anti-Money Laundering (AML) breaches. This is the second financial penalty for AML controls failings in less than 5 moths imposed by the regulator. In December 2018, the FCA fined the former Chief Executive Officer of Sonali Bank (UK)…

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brexit gbp
March 28, 2019 BY Valentina Kirilova

Goldman Sachs International fined £34.3 million for transaction reporting failures

The UK Financial Conduct Authority (FCA) just announced that it has fined the company Goldman Sachs International (GSI) £34,344,700 for failing to provide accurate and timely reporting relating to 220.2 million transaction reports between November 2007 and March 2017. Mark Steward, FCA Executive Director of Enforcement and Market Oversight commented: The failings in this case demonstrate…

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fca fine
March 19, 2019 BY Valentina Kirilova

UBS AG fined £27.6m by the UK FCA

Swiss multinational investment bank and financial services company UBS AG has been fined £27,599,400 by the UK financial regulator the Financial Conduct Authority (FCA). The company failed relating to 135.8 million transaction reports between November 2007 and May 2017. Mark Steward, FCA Executive Director of Enforcement and Market Oversight said: Firms must have proper systems…

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FCA warning
February 21, 2019 BY Valentina Kirilova

FCA imposes first fines on anti-competitive behavior

The UK’s Financial Conduct Authority (FCA) today made a decision using its powers to enforce competition laws by ruling that three asset management companies violated competition law. The ruling as made against the following firms: River and Mercantile Asset Management LLP (RAMAM) Newton Investment Management Limited Hargreave Hale Ltd The FCA imposed a £306,300 fine…

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fca fine
December 04, 2018 BY Valentina Kirilova

FCA fines a former CEO of Sonali Bank £76,400

The Financial Conduct Authority (FCA) has just announced that it has fined Mohammad Ataur Rahman Prodhan, the former Chief Executive Officer of Sonali Bank (UK) Limited (SBUK), £76,400 for being knowingly concerned in a breach by SBUK of its obligations to maintain effective anti-money laundering (AML) systems. This is not the first time the regulator takes action…

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fca fine
October 01, 2018 BY Valentina Kirilova

FCA fines Tesco Bank £16.4m for failures in 2016 cyber attack

The Financial Conduct Authority (FCA) has just announced that it has fined Tesco Personal Finance plc (Tesco Bank) £16,400,000 for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber attack. The cyber attack took place in November 2016. Cyber attackers exploited deficiencies in Tesco Bank’s design…

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fca fine
September 27, 2018 BY Valentina Kirilova

Prime broker Linear Investments disputes £409,300 FCA fine

The Financial Conduct Authority (FCA) has just published a Decision Notice concerning Linear Investments Limited (Linear). Linear failed to take reasonable care to organise and control its affairs responsibly and effectively to ensure potential instances of market abuse could be detected and reported. The failure occurred from 14 January 2013 to 9 August 2015. Linear…

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June 06, 2018 BY Valentina Kirilova

FCA fines Canara Bank £896,100 and imposes a restriction

The Financial Conduct Authority (FCA) has informed the public that it has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days. Financial services firms are required to maintain robust anti-money laundering (AML) systems and controls, since they are at risk from those seeking to…

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