The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG (Deutsche Bank) £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial […]

FCA imposes penalties on Sonali Bank (UK) Limited and its former money laundering reporting officer for serious anti-money laundering systems failings. The Financial Conduct Authority (FCA) has; fined Sonali Bank (UK) Limited (SBUK) £3,250,600 and has imposed a restriction, preventing it from accepting deposits from new customers for 168 days. It has also; fined the […]

The FCA has fined Aviva Pension Trustees UK Limited and Aviva Wrap UK Limited (Aviva) £8,246,800 (including a 30 per cent discount) for failing in its oversight of third party providers engaged to administer client money and conduct external reconciliation of custody assets. Between 1 January 2013 and 2 September 2015, Aviva breached; principles 3 […]

Towergate, the insurance intermediary chaired by John Tiner the former head of the old City watchdog, has been fined by its successor for failing to spot a £12.6m hole in its client money accounts. John Tiner says Towergate failed to live up to the high standards expected of it – In a statement Mr Tiner […]

The Financial Conduct Authority (FCA) has fined [09/02/2016] Achilles Macris £792,900 for failing to be open and co-operative with the Authority. Mr Macris was Head of CIO International for JPMorgan Chase Bank, N.A. in London. In the role he was responsible for a number of portfolios, including the synthetic credit portfolio, at the time of what […]

The ‘London Whale’ boss at JP Morgan fined £792,900 by the Financial Conduct Authority (FCA) yesterday has slammed the regulator for its ‘unlawful’ actions and vowed to fight the decision in the Supreme Court. The FCA imposed the penalty on Achilles Macris, former head of CIO International for JP Morgan Chase Bank, for his part […]

Britain’s financial watchdog has fined Barclays 72 million pounds ($109 million) for cutting corners in vetting wealthy customers in order to win a huge transaction described by one senior manager as potentially the “deal of the century.” Just over 52 million pounds of the penalty comprised disgorgement, meaning clawing back the profit Barclays made on […]

The Financial Conduct Authority, whacking the bank with a £72m penalty for failing to run checks on a group of “politically exposed persons” wishing to transfer £1.88bn in a hurry, tells a cracking tale. See the bankers salivate as they eye the rewards that will come with this “elephant deal”. One manager wants to “race […]