FINRA fines Webull $3 million for approving unqualified customers for options trading LeapRate

March 10, 2023 BY Steffy Bogdanova

FINRA fines Webull $3 million for approving unqualified customers for options trading

FINRA stated: For example, the firm approved more than 2,500 customers under the age of 21 to trade options spreads, even though the firm’s eligibility criteria required customers to have at least three years of options trading experience before being approved for that trading level. FINRA also discovered that Webull's system for identifying and responding…

January 24, 2023 BY Steffy Bogdanova

SEC fines Bloomberg $5 million for misleading disclosure on fixed income securities

Osman Nawaz, Chief of the Division of Enforcement’s Complex Financial Instruments Unit, said: Bloomberg has assumed a critical role as a pricing service to participants in the fixed-income markets and it is incumbent on Bloomberg, as well as on other pricing services, to provide accurate information to their customers about their valuation processes. This matter…

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…

January 06, 2023 BY Steffy Bogdanova

SIX exchange fines Swissquote CHF 75K for breach of ad hoc publicity laws

SIX Exchange Regulation AG (SER), one of SIX trading venues’ regulating bodies., opened an investigation into the publication on 2 June 2022. The decision to sanction Swissquote was made on 29 November and a fine was imposed in the amount of CHF 75,000. SIX stated: Mainly due to a technical issue and human error, the…

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…

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…

December 18, 2022 BY Steffy Bogdanova

CySEC and BCM Begin Capital Markets CY reach a €100K settlement

CySEC fine BCM Begin Capital Markets, previously known as OX Capital Markets Limited, and CySEC have reached a settlement for the amount of €100.000, the official announcement stated. The commission noted that the decision was reached on 28 November 2022. BCM Begin Capital Markets paid €170,000 in July to settle charges with CySEC.

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…

December 09, 2022 BY Steffy Bogdanova

FCA fines Santander UK £107.7 million for recurrent anti-money laundering lapses

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said: Santander’s poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime. As part of our commitment to prevent and reduce financial crime, we continue to…

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…

Category: Fines