Standard Chartered is putting aside $900m (£690m) for potential fines involving investigations in Britain and the US. The money will cover separate investigations into breaches of US sanctions and foreign exchange trading issues. It also covers a £102.2m fine from the UK’s Financial Conduct Authority related to financial crime controls. The provision will be included […]

Background On 1 October 2018, the FCA fined Tesco Personal Finance plc (Tesco Bank) £16.4 million for failures relating to a cyber-attack. Over a 48-hour period in November 2016, cyber criminals stole £2.26 million from more than 8,000 of Tesco Bank’s 131,000 personal current account customers. The incident received significant press attention at the time. […]

The New York State Department of Financial Services [DFS] FINES DEUTSCHE BANK $425 MILLION FOR RUSSIAN MIRROR-TRADING SCHEME. The Bank Allowed Traders to Engage in a Money-Laundering Scheme Using “Mirror Trades” That Improperly Shifted $10 Billion Out of Russia. DFS Directs Bank to Hire an Independent Monitor to Review and Report on Its Existing Compliance […]

The FCA has fined Tariq Carrimjee £89,004 and prohibited Mr Carrimjee from carrying out the compliance oversight and money laundering reporting significant influence functions. The final notice follows a decision by the Upper Tribunal upholding the FCA’s decision. A copy of the FCA’s final notice is available: http://bit.ly/2fOX7OF On 23 April 2013, Mr Carrimjee referred the […]

Cenkos, has been fined £535,500 by the UK’s markets watchdog over its sponsorship of Quindell, the scandal-hit insurance claims processor and legal services company that became Watchstone. Cenkos was penalised by the Financial Conduct Authority for sloppy systems and controls around its sponsor services. In particular, the FCA took issue with Cenkos telling the regulator […]

FCA fines, publicly censures and orders Jersey resident to pay restitution for insider dealing and improper disclosure. The FCA has fined Gavin Breeze £59,557 for engaging in market abuse in the form of insider dealing and has also publicly censured him for improper disclosure. Mr Breeze had attempted to sell his entire 8 per cent […]

The FCA has imposed a fine of £450,000 on Mr Timothy Alan Roberts, of Catalyst Investment Group Limited, for failure to comply with Statement of Principles 1 and 6 of the FCA’s Statements of Principle for Approved Persons and has made an order prohibiting Mr Roberts from performing any function in relation to any regulated […]

W H Ireland Limited (the bank) has been fined £1.2 million for failing to have proper systems and controls in place to detect market abuse. The bank breached Principle 3 – Management and Control. In addition the bank breached SYSC rules which concern conflicts of interest and a Skilled Person was brought in by the […]