Tag: fine

January 10, 2023 BY Steffy Bogdanova

FCA fines Guaranty Trust Bank (UK) £7.6 million for AML failures

In the beginning of 2018, GT Bank stopped taking on new customers. Given the FCA’s concerns, the bank agreed to wider voluntary restrictions on business later the same year. These additional requirements remained in place until mid-2021. They were lifted then GT Bank remediation plan, which was checked by an independent third party. The FCA…

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CFTC
December 21, 2022 BY Steffy Bogdanova

CFTC fines CHS Hedging $6.5 million for supervision failures

The CFTC stated that one of CHS Hedging’s customers engaged in speculative trading that sustained millions of dollars in losses in their company account from January 2017 through December 2020. The customer and their company made margin payments of more than $147 million to CHS Hedging over the course of that period. The CFTC found…

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December 20, 2022 BY Steffy Bogdanova

FCA fines TSB £48.65 million operational resilience lapses

TSB’s IT migration plan was ambitious and complex, carrying a high level of risk. The FCA noted that the company failed to organise and control the migration process adequately. Both agencies, the FCA and PRA prioritise operational resilience. Mark Steward, FCA Executive Director of Enforcement and Market Oversight said: The failings in this case were…

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December 12, 2022 BY Steffy Bogdanova

FCA fines Metro Bank PLC £10 million for compliance lapses

In the official announcement, FCA alleges the bank was aware of its incorrect submission but did not offer an explanation in the quarterly update. The FCA stated: Metro Bank also failed to consider, and to seek legal advice on, whether the incorrect RWA figure ought to be qualified or explained in the October Announcement. As…

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NFA Fine
December 09, 2022 BY Steffy Bogdanova

Gain Capital fined $700K by NFA for compliance violations

Gain Capital stopped the system malfunction but before it had done so it had incurred a loss of about $3 million. The company also made negative adjustment of the accounts of 17 customers by about $2.84 million and the positive adjustment of 33 customer accounts by about $35,000. These actions were approved by Gain Capital's…

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December 07, 2022 BY Steffy Bogdanova

FCA bans three former Mizuho bond traders for market abuse

According to the official announcement, Urra, Gonzalez and Sheth placed small orders which they did planned to execute on the opposite side of the order book around the same time. The FCA stated: The FCA considers that the individuals repeated this pattern of deliberate and intentional market manipulation on a number of occasions and were…

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FCA fine
October 21, 2022 BY Steffy Bogdanova

FCA fines Barclays £50 million for disclosure failures

Furthermore, the FCA pointed out that Certain Qatari entities were important investors in both of Barclays’s capital raisings at the time. The company entered into two advisory agreements with these entities, involving payments to one of the Qatari entities in the amount of £322 million over three and five years respectively. Barclays had disclosed that…

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October 14, 2022 BY Steffy Bogdanova

FCA slaps a £1.5 million fine on Gatehouse Bank for AML failures

The regulator detailed that in one case, Gatehouse Bank once opened an account fora Kuwait-based company for aggregating customer funds. The bank did not require the collection of crucial information including customers’ source of funds or wealth. During a two year period, the bank ended up receiving $62 million in deposits from customers without performing…

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