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Retail FX
Wedbush's Recordkeeping Blunders Lead to Multi-Million Dollar Fines by US Watchdogs
Wedbush Securities was fined $6 million for breaching recordkeeping and supervision CFTC rules.
A separate penalty of $10 million was imposed by the SEC.
Wednesday, 09/08/2023 | 06:31 GMT
by
Damian Chmiel
Retail FX
FCA Imposes Fifth Penalty for Cum-Ex Trading, Totaling £20m
Bastion Capital has been fined for serious financial control failings.
This case is the FCA's fifth related to cum-ex trading.
Thursday, 13/07/2023 | 10:20 GMT
by
Damian Chmiel
Retail FX
New Zealand’s FMA Orders Tiger Brokers to Pay $900k for AML/CFT Breaches
The Australian court has fined Tiger Brokers for breaching the AML and CFT law.
The case concerns violations between 2019 and 2020.
Thursday, 29/06/2023 | 07:38 GMT
by
Damian Chmiel
Institutional FX
FINRA Slaps $900k Penalty on Credit Suisse's US Subsidiary
FINRA has sanctioned the US subsidiary of the Swiss giant.
Accusations included inaccurate trade reports.
Monday, 26/06/2023 | 08:54 GMT
by
Damian Chmiel
Retail FX
CySEC Slams €1M Fine on Itrade Global for Multiple Violations in Spain
The alleged violations were committed by its tied agent in Spain.
Some of them include dishonest practices and failure to prevent conflict of interest.
Thursday, 13/04/2023 | 13:07 GMT
by
Solomon Oladipupo
Retail FX
Regulators Slam $10M Fine on Robinhood for Outages in 2020
NASAA investigated outages on Robinhood in March 2020.
It “found no evidence of willful or fraudulent conduct by Robinhood.”
Thursday, 06/04/2023 | 21:37 GMT
by
Solomon Oladipupo
Institutional FX
Goldman Sachs Fined $3M for Mismarking 60M Short Sale Orders
The mismarking was caused by a coding error.
The global bank agreed to the fine without admitting or denying FINRA findings.
Wednesday, 05/04/2023 | 12:43 GMT
by
Solomon Oladipupo
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Institutional FX
ESMA Fines S&P €1.1M for Premature Credit Ratings, Other Breaches
S&P is one of three largest credit rating agencies in the world.
The penalty includes €825k, €210K and €75k fines for alleged CRA regulation violation.
Friday, 24/03/2023 | 13:38 GMT
by
Solomon Oladipupo
Retail FX
FINRA Hits Webull with $3M Fine for Permitting Unqualified Options Traders
FINRA also faulted Webull's supervisory system.
The regulator has fined SageTrader, UBS Securities and others since the start of the year.
Thursday, 09/03/2023 | 21:32 GMT
by
Solomon Oladipupo
Institutional FX
SFC Slaps City International Futures with $100,000 Fine for Regulatory Breaches
The SFC took into account many mitigating factors when imposing the penalty.
However, the regulator wanted to convey that such failures are unacceptable.
Thursday, 09/03/2023 | 10:06 GMT
by
Damian Chmiel
Retail FX
Polish Court Upholds XTB's $2.2m Fine over Differential Slippage from 2018
The fine was initially imposed five years ago.
XTB appealed the decision in court but to no avail.
Wednesday, 01/03/2023 | 11:56 GMT
by
Damian Chmiel
CryptoCurrency
First Binance and Now Coinbase Have Both Been Fined $3.3m in Netherlands
Coinbase must pay a $3.3 million fine for unauthorized operations in the Dutch market.
Binance paid a similar penalty last year.
Thursday, 26/01/2023 | 09:53 GMT
by
Damian Chmiel
Institutional FX
FINRA Fines Nomura Securites $125k for Miscalculating Its Net Capital
Nomura allegedly misclassified reverse repos with affiliate NSC as allowable assets.
FINRA has recently penalized Wells Fargo, Instinet and DBOT for various violations.
Monday, 16/01/2023 | 17:50 GMT
by
Solomon Oladipupo
Institutional FX
SFC Fines Guosen Securities HK$2.8 Million
The Commission pointed to mitigating factors in its final decision.
Gousen breached the Client Securities Rules.
Wednesday, 21/12/2022 | 10:34 GMT
by
Damian Chmiel
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Institutional FX
FINRA Slams $165k Fine on Instinet for Data Inaccuracy and Poor Supervision
Instinet published 54 inaccurate monthly reports between 2015 and 2019.
The broker also under-reported about 5% of the total covered orders during the period.
Monday, 12/12/2022 | 20:09 GMT
by
Solomon Oladipupo
Retail FX
FCA Slaps £4,8m Fine on BGC Brokers and GFI Subsidiaries
BGC Brokers, GFI Brokers and GFI Securities must pay a fine of almost £4,8 million.
The inter-dealer brokers failed to implement MAR trade surveillance requirements.
Thursday, 08/12/2022 | 13:19 GMT
by
Damian Chmiel
Institutional FX
ASIC Fines AUSIEX and Hits CommSec With Largest Ever Penalty
The penalty is the highest in history for breaching the Market Integrity Rule.
Companies used 121,000 occasions to overcharge their clients.
Wednesday, 26/10/2022 | 09:11 GMT
by
Damian Chmiel
Retail FX
FINRA Slaps $100k Penalty on Dealerweb for TRACE Violations
The penalty is for inaccurate TRACE transaction reports and a deficient supervisory system.
Dealerweb paid $37,500 to FINRA for various TRACE violations between 2013 and 2017.
Tuesday, 18/10/2022 | 16:38 GMT
by
Solomon Oladipupo
FinTech
Hong Kong Imposes HK$6M Fine on Commerzbank AG for AML Lapses
The offence was committed between April 2012 and June 2016.
HKMA said Commerzbank AG has taken 'prompt remedial action'.
Friday, 26/08/2022 | 14:11 GMT
by
Solomon Oladipupo
Retail FX
AMF Fines 123 Investment Managers EUR 200,000
The Committee accused the firm of breaching its professional obligations.
It was related to procedures concerning the disclosure of information to third parties.
Monday, 18/07/2022 | 21:26 GMT
by
Felipe Erazo
Institutional FX
FINRA Imposes $325,000 Fine on BofA Securities
BofAS has been a member of FINRA since 2018.
According to the regulatory authority, the company violated Regulation NMS Rule 605 and FINRA Rule 2010.
Monday, 18/07/2022 | 08:07 GMT
by
Bilal Jafar
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Institutional FX
CFTC Slams $1.37m Fine on Starberry for Acting as FCM without a Permit
Starberry accepted more than $400 million from a foreign customer.
The corporation is to disgorge the 'unlawful' earnings.
Friday, 24/06/2022 | 20:10 GMT
by
Solomon Oladipupo
Retail FX
CySEC Fines CIF Capital Com SV Investments Ltd. for Non-compliance with Article 16(2)
The company was fined for late reporting of two suspicious transactions that happened over a year.
CySEC added the fact that the company reported the suspicious transactions, albeit belatedly.
Wednesday, 06/04/2022 | 13:05 GMT
by
Matti Williamson
Institutional FX
Credit Suisse to Defend $45M Penalty Order in Swiss Court
The bank is accused of its failures in anti-money laundering rules.
Antonio Horta-Osorio recently quit as Credit Suisse Chairman in a controversial way.
Monday, 31/01/2022 | 13:38 GMT
by
Arnab Shome
Institutional FX
SFC Imposes $8 Million Fine on Grand International Futures
The commission suspended the responsible officer for regulatory breaches.
The company failed to comply with AML requirements between October 2017 and October 2018.
Thursday, 30/12/2021 | 11:14 GMT
by
Bilal Jafar
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