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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.
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.
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.
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.
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.
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.”
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.
by Solomon Oladipupo
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.
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.
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.
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.
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.
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.
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.
by Damian Chmiel
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.
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.
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.
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.
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'.
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.
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.
by Bilal Jafar
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.
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.
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.
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.
by Bilal Jafar
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