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FSA Fines Barclays $4 Million for Transaction Reporting Problems
By Brian Monroe
printThe United Kingdom's chief financial regulator Tuesday fined Barclays PLC more than $4 million for "serious weaknesses" in its securities transaction monitoring reporting, the largest penalty issued by the agency for such problems. The U.K. Financial Services Authority (FSA) said that the London-based financial institution had erred on reporting tens of millions of transactions during a nearly year-long period because of weaknesses in its transaction monitoring systems, according to a 14-page final notice dated August 19, but released Tuesday. The deficiencies, which were uncovered by the agency during an unrelated investigation, were "particularly serious" because they could impact the agency's...
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Barclays will pay British regulators more than £72 million for poorly scrutinizing transactions made on behalf of high-value clients in a case that could lead to penalties for the bankers involved.
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Hundreds of banks and credit unions are likely to miss a June deadline to comply with federal rules mandating that they file all anti-money laundering regulatory reports electronically.
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One of the United Kingdom's largest banks has agreed to pay nearly $300 million to settle charges with U.S. and New York authorities that it stripped payment information from wire transactions to do business with countries on U.S. sanctions lists, according to court documents released Monday.
The United Kingdom’s chief financial regulator on Wednesday fined a foreign exchange brokerage and its former compliance officer more than £150,000 for lax anti-money laundering safeguards and questionable trading practices.
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