Governor Andrew M. Cuomo has announced that the Bank of Tokyo Mitsubishi-UFJ (BTMU) has agreed to pay $250 million to the New York State Department of Financial Services (DFS) for allegedly handling financial transactions involving countries and entities subject to international sanctions and removing details of international transactions. DFS alleges that BTMU conducted nearly 28,000 […]

Former Bradford & Bingley group finance director Chris Willford is potentially facing a £100,000 fine from the Financial Conduct Authority (FCA) after losing in the Court of Appeal yesterday. Willford’s identity had previously remained secret throughout the dispute but these restrictions have now been lifted as a result of the court’s decision. The regulator’s predecessor, […]

Before the Financial Conduct Authority (“FCA”) took over from the Financial Services Authority (“FSA”) earlier this year, the regulator had confirmed that the enforcement policy of “credible deterrence” (taking tough, targeted effective public enforcement action against misconduct as a way of changing market behaviour) would continue. The “credible deterrence” policy has underpinned the regulator’s approach […]

The FCA has fined Sesame Limited £6,031,200 (including a 30 per cent early settlement discount) for failing to ensure advice given to customers was suitable and failings in the systems and controls that governed the oversight of its appointed representatives (ARs). The penalty is made up of a £245,000 fine for breaching Principle 9 of […]

The UK Financial Services Authority has hardened its enforcement strategy over the last two years, but when a few record cases are set aside the average fine imposed by the regulator against firms has actually fallen, according to a new analysis. The total fines issued by the FSA rose to £98.6 million in the 2010/2011 […]

FEEDBACK ON CONSULTATION PAPER NO. 2 2012 – 1. Consultation on the introduction of a power for the Commission to impose civil penalties for serious, uncorrected or recurring breaches of the Codes of Practice. 2. The Commission received 27 responses to the Consultation Paper, both directly and via Jersey Finance. The Commission is grateful to respondents for […]

The Financial Conduct Authority fined EFG Private Bank £4.2 million yesterday for failing to carry out proper due diligence on clients. EFG has an office in Mayfair and is part of Switzerland’s EFG International. The fine is the first levied by the FCA, which took over from the Financial Services Authority last month. EFG is […]

The Financial Conduct Authority (FCA) has fined EFG Private Bank Ltd (EFG) £4.2 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers. The failings were serious and lasted for more than three years. EFG is the UK private banking subsidiary of the EFGI Group, […]