FCA Fines Citi Brokerage $15M for Surveillance Woes August 23, 2022byEugene Grygo A U.K. regulator, the Financial Conduct Authority (FCA), has imposed a fine of $14.8 million (£12,553,800) upon Citigroup’s international broker-dealer subsidiary for breaches of the Market Abuse Regulation...
“Financial crime is a risk to the UK financial system. Deutsche Bank was obliged to establish and maintain an effective AML control framework. By failing to do so, Deutsche Bank put itself at risk of being used to facilitate financial crime and exposed the UK to the risk of financial crime...
FCA fines ADM Investor Services International Limited for inadequate AML The Financial Conduct Authority (FCA) has issued aFinal Noticeagainst ADM Investor Services International Limited (ADMISI) and fined the firm £6,470,600 for financial crime control failings relating to inadequate anti-money laun...
During the Financial Crime Summit in London , the executive director warned firms to strengthen their strategies that can address the increased number of crimes as they would worsen in coming times. “My message to all firms is this: embed your financial crime checks in your systems from ...
OFSI gained powers under the Economic Crime Act to issue fines for breaches of sanctions on a strict liability basis. Prior to the changes introduced under the Economic Crime Act, in order to impose a financial penalty for a breach of financial sanctions, OFSI had to be satisfied that the...
According to FCA financial crime head Tracey McDermott, there was a negligence on the part of the company in addressing its laundering risks.HoltNatalieMoney Marketing (Online Edition)
For the financial year ending 31 March 2020, the FCA has achieved 217 outcomes using its enforcement powers and has imposed fines totalling £224,428,900. Cross-sector priorities The Business Plan also sets out the FCA's cross...
While the facts and liability were determined following a focussed resolution agreement, the quantum of the financial penalty was determined by a contested Regulatory Decisions Committee hearing. This is the first significant decision from the RDC under new procedures. There are now 5 steps considering...
restitution orders or redress schemes may be put in place to help compensate the victims of misconduct. This strategy, while more directly beneficial to victims than levying large fines, may also assist the FCA in demonstrating a clear, quantifiable link between harm and sums ordered to be paid...
Firms wishing to undergo a change in legal status will have to submit a full, new authorization application to the FCA. Learn more.