An investigation by New York’s Department of Financial Services (DFS) has resulted in a $15 million fine assessed against Barclays Bank and its New York branch for violations of the state’s banking law, stemming from attempts by the bank’s CEO to identify the author, or authors, of two whistleblowing letters. The bank’s attempts violated Barclays’… Read More >>
SocGen May Pay $1.27B Penalty via Sanctions Case
Société Générale officials report that they are working with seven major American authorities to resolve a U.S. sanctions investigation, and that an ultimate settlement may cost the French banking giant $1.27 billion (€1.1 billion), which adds to the bank’s list of sanctions and regulatory compliance woes. “ … Société Générale has entered into a phase… Read More >>
BGC Financial Settles Recordkeeping Case with SEC
New York-based BGC Financial allegedly violated federal securities laws that require broker-dealers to maintain accurate books and records and promptly provide records requested by SEC staff, according to a recent SEC cease-and-desist order. The interdealer broker has agreed to pay a $1.25 million penalty to settle the SEC’s charges that it “failed to preserve audio… Read More >>
Regulators Allege Aegis Fell Short on Financial Crime-Fighting
Aegis Capital Corp., a retail and institutional broker-dealer based in New York City, has paid a penalty to the SEC and a fine to self-regulatory organization the Financial Industry Regulatory Authority (FINRA) in response to charges that it failed to comply with financial crime recordkeeping and reporting rules and had inadequate supervisory and anti-money laundering… Read More >>
Citi Settles Swap Data Reporting Violations Case
Citibank, N.A. (CBNA) and Citigroup Global Markets Ltd. (CGML) have settled with the CFTC on charges that they failed to properly report Legal Entity Identifier (LEI) information about swap transactions properly to a swap data repository (SDR). CBNA acts as a swap dealer and has been registered with the CFTC since December 31, 2012 while… Read More >>
SEC Charges Two Grant Thornton Firms with Independence Violations
U.S. markets regulator the SEC has charged two member firms of Grant Thornton International (GTI), Grant Thornton India LLP and Australia-based Grant Thornton Audit Pty Limited, with auditor independence violations. Specifically, the two GTI member firms “represented in audit reports that they were independent of their respective audit clients when the audit clients paid fees… Read More >>
