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)

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