UK Financial Regulator Fines Goldman Sachs GBP34.3 Million Over Reporting Failures
March 28 2019 - 6:52AM
Dow Jones News
By Adria Calatayud
The U.K.'s Financial Conduct Authority said Thursday that it has
fined Goldman Sachs Group Inc. (GS) 34.3 million pounds ($45.3
million) over transaction-reporting failures.
The bank failed to provide accurate and timely reporting
relating to 220.2 million transaction reports between November 2007
and March 2017, the regulator said. The FCA also found that Goldman
Sachs failed to take reasonable care to organize and control its
affairs in respect of its transaction reporting.
"The failings in this case demonstrate a failure over an
extended period to manage and test controls that are vitally
important to the integrity of our markets. These were serious and
prolonged failures," FCA Executive Director of Enforcement and
Market Oversight Mark Steward said.
Last week, UBS Group AG (UBS) was also fined by the FCA for
transaction-reporting failures.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
March 28, 2019 06:37 ET (10:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Sep 2023 to Sep 2024