Tag: fine

February 28, 2022 BY Steffy Bogdanova

FCA slaps Barclays with a £783,800 fine

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…

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FCA fine
December 14, 2021 BY Steffy Bogdanova

NatWest gets a £264.8 million fine for AML compliance failures

Some of NatWest’s employees who handled these cash deposits shared their suspicions with the bank’s investigative staff but no action was taken. The warning signs included large amounts of Scottish bank notes deposited throughout England, as well as deposits of notes carrying a noticeable musty smell and individuals acting suspiciously when depositing the cash. Moreover,…

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CFTC fine
October 15, 2021 BY Steffy Bogdanova

CFTC fines UBS $500K for deleted audio files

According to the regulator, before June 2019, UBS implemented multiple software systems to comply with its recordkeeping obligations. These systems operate its trader turret communication devices and recorded and stored voice recordings of calls occurring on these trader turrets. The recording systems had a know flaw causing them to fail to synchronize certain call data.…

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May 28, 2021 BY Steffy Bogdanova

EU imposes €6.45 million fine on ICAP for yen cartel

The EU competition enforcer said in a statement: Today’s decision, correcting the procedural error and including a detailed reasoning on the fine calculation, imposes fines on the three entities of ICAP having participated in the five infringements at the time. The ruling from 2015 accused ICAP of Libor rigging the yen in several cartels with…

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December 18, 2020 BY Steffy Bogdanova

Robinhood to pay $65 million to settle charges with SEC for misleading customers

Stephanie Avakian, Director of the SEC’s Enforcement Division, commented: Robinhood provided misleading information to customers about the true costs of choosing to trade with the firm. Brokerage firms cannot mislead customers about order execution quality. Joseph Sansone, Chief of the SEC Enforcement Division’s Market Abuse Unit, added: Robinhood failed to seek to obtain the best…

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CFTC penalty
December 15, 2020 BY Steffy Bogdanova

TFS-ICAP to pay $7 million fine for misleading clients

The CFTC also found that TFS-ICAP, its former CEO Ian Dibb and its former Emerging Markets desks head Jeremy Woolfenden failed to supervise the broker conduct. The enforcement action resolves that the defendants Dibb and Woolfenden are each to pay a fine of $500,000 for their individual supervisory failures. They have both agreed to not…

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December 14, 2020 BY Steffy Bogdanova

CBOT fines StoneX $20K for trade transfer violations

CBOT stated: The transfers were not made to reconcile an error, omission, or outtrade. CBOT also noted that StoneX has self-reported the transfers, however it had neither admitted nor denied the allegations. LeapRate recently reported that StoneX, formerly known as INTL FCStone, registered excellent financials for the fourth quarter of the fiscal year 2020. The…

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