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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The regulator also alleges that Feist failed to get to know and understand Interactive Broker’s AML program and did not even supervise the company’s AML analysts. FINRA highlighted: While he was AMLCO, Feist learned about, but failed to recognize the import of, facts that should have alerted him that Interactive Brokers' AML program was not…
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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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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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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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CS&C’s general pool held firm and client money for both UK and non-UK clients. The FCA determined that the CSUK failed to arrange adequate protection for its clients’ assets under UK rules including: The firm did not have the right records and accounts to identify its customers’ client assets The firm did not undertake internal…
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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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The FCA stated that between April 2014 and December 2018 some retail and small business customers who had been offered consumer credit were treated poorly when they fell into debt. The regulator found that Barclays failed to treat customers fairly or to act with due skill, care and diligence. According to the FCA, Barclays failed…
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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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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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