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Retail FX

Online Broker Fails to Catch Pump and Dump Schemes, FINRA Finds

  • It concerns anti-money laundering violations over a period of 6 years.
Monday, 12/02/2024 | 08:42 GMT by Damian Chmiel
Retail FX

Westpac's Record $12 Billion Swap Deal Leads to Court Penalty

  • The bank was fined for 2016's unconscionable conduct in a $12 billion interest rate swap.
  • Court declares bank's actions in the largest swap transaction in Aussie history unconscionable.
Wednesday, 31/01/2024 | 08:49 GMT by Damian Chmiel
Retail FX

Customer Deposit Fiasco Costs HSBC a $73 Million Fine

  • The UK's PRA fines HSBC for failing to protect customer deposits adequately.
  • The fine could be higher but was reduced after the bank's active cooperation.
Tuesday, 30/01/2024 | 10:20 GMT by Damian Chmiel
Retail FX

Naga Markets Settles with CySEC for €150K over Violations

  • The company was sanctioned by CySEC for non-compliance in several areas.
  • The retail brokerage has already paid the settlement amount.
Friday, 29/12/2023 | 13:14 GMT by Damian Chmiel
Retail FX

Too Young to Trade? Fidelity's Age Oversight Costs Firm $900,000

  • The company neither admitted nor denied its wrongdoings.
  • However, it took steps to change options trading rules.
Tuesday, 03/10/2023 | 11:36 GMT by Damian Chmiel
Retail FX

News Nuggets | 2 October: ADMISI to Pay £6.5M Fine; MetaTrader 5 Presents New Update

  • Also, Tusk Capital loses regulatory permissions; Tap Global announces US launch.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Monday, 02/10/2023 | 10:04 GMT by Finance Magnates Staff
Institutional FX

ANZ Hit with $15 Million Fine for Misleading Almost 200,000 Customers

  • The federal court orders against ANZ for misleading customers about credit card fees.
  • Over 186,000 accounts have been remediated, with some customers charged thousands in USD.
Tuesday, 26/09/2023 | 09:03 GMT by Damian Chmiel
Institutional FX

The SEC's $25 Million Fine Shakes Deutsche Bank Subsidiary DWS

  • DWS Investment Management Americas faces a hefty penalty for compliance failure.
  • The SEC charged the firm for lacking an AML program and making misleading ESG claims.
Monday, 25/09/2023 | 15:16 GMT by Damian Chmiel
Retail FX

Wedbush's Recordkeeping Blunders Lead to Multi-Million Dollar Fines by US Watchdogs

  • Wedbush Securities was fined $6 million for breaching recordkeeping and supervision CFTC rules.
  • A separate penalty of $10 million was imposed by the SEC.
Wednesday, 09/08/2023 | 06:31 GMT by Damian Chmiel
Retail FX

FCA Imposes Fifth Penalty for Cum-Ex Trading, Totaling £20m

  • Bastion Capital has been fined for serious financial control failings.
  • This case is the FCA's fifth related to cum-ex trading.
Thursday, 13/07/2023 | 10:20 GMT by Damian Chmiel
Retail FX

New Zealand’s FMA Orders Tiger Brokers to Pay $900k for AML/CFT Breaches

  • The Australian court has fined Tiger Brokers for breaching the AML and CFT law.
  • The case concerns violations between 2019 and 2020.
Thursday, 29/06/2023 | 07:38 GMT by Damian Chmiel
Institutional FX

FINRA Slaps $900k Penalty on Credit Suisse's US Subsidiary

  • FINRA has sanctioned the US subsidiary of the Swiss giant.
  • Accusations included inaccurate trade reports.
Monday, 26/06/2023 | 08:54 GMT by Damian Chmiel
Retail FX

CySEC Slams €1M Fine on Itrade Global for Multiple Violations in Spain

  • The alleged violations were committed by its tied agent in Spain.
  • Some of them include dishonest practices and failure to prevent conflict of interest.
Thursday, 13/04/2023 | 13:07 GMT by Solomon Oladipupo
Retail FX

Regulators Slam $10M Fine on Robinhood for Outages in 2020

  • NASAA investigated outages on Robinhood in March 2020.
  • It “found no evidence of willful or fraudulent conduct by Robinhood.”
Thursday, 06/04/2023 | 21:37 GMT by Solomon Oladipupo
Institutional FX

Goldman Sachs Fined $3M for Mismarking 60M Short Sale Orders

  • The mismarking was caused by a coding error.
  • The global bank agreed to the fine without admitting or denying FINRA findings.
Wednesday, 05/04/2023 | 12:43 GMT by Solomon Oladipupo
Institutional FX

ESMA Fines S&P €1.1M for Premature Credit Ratings, Other Breaches

  • S&P is one of three largest credit rating agencies in the world.
  • The penalty includes €825k, €210K and €75k fines for alleged CRA regulation violation.
Friday, 24/03/2023 | 13:38 GMT by Solomon Oladipupo
Retail FX

FINRA Hits Webull with $3M Fine for Permitting Unqualified Options Traders

  • FINRA also faulted Webull's supervisory system.
  • The regulator has fined SageTrader, UBS Securities and others since the start of the year.
Thursday, 09/03/2023 | 21:32 GMT by Solomon Oladipupo
Institutional FX

SFC Slaps City International Futures with $100,000 Fine for Regulatory Breaches

  • The SFC took into account many mitigating factors when imposing the penalty.
  • However, the regulator wanted to convey that such failures are unacceptable.
Thursday, 09/03/2023 | 10:06 GMT by Damian Chmiel
Retail FX

Polish Court Upholds XTB's $2.2m Fine over Differential Slippage from 2018

  • The fine was initially imposed five years ago.
  • XTB appealed the decision in court but to no avail.
Wednesday, 01/03/2023 | 11:56 GMT by Damian Chmiel
CryptoCurrency

First Binance and Now Coinbase Have Both Been Fined $3.3m in Netherlands

  • Coinbase must pay a $3.3 million fine for unauthorized operations in the Dutch market.
  • Binance paid a similar penalty last year.
Thursday, 26/01/2023 | 09:53 GMT by Damian Chmiel
Institutional FX

FINRA Fines Nomura Securites $125k for Miscalculating Its Net Capital

  • Nomura allegedly misclassified reverse repos with affiliate NSC as allowable assets.
  • FINRA has recently penalized Wells Fargo, Instinet and DBOT for various violations.
Monday, 16/01/2023 | 17:50 GMT by Solomon Oladipupo
Institutional FX

SFC Fines Guosen Securities HK$2.8 Million

  • The Commission pointed to mitigating factors in its final decision.
  • Gousen breached the Client Securities Rules.
Wednesday, 21/12/2022 | 10:34 GMT by Damian Chmiel
Institutional FX

FINRA Slams $165k Fine on Instinet for Data Inaccuracy and Poor Supervision

  • Instinet published 54 inaccurate monthly reports between 2015 and 2019.
  • The broker also under-reported about 5% of the total covered orders during the period.
Monday, 12/12/2022 | 20:09 GMT by Solomon Oladipupo
Retail FX

FCA Slaps £4,8m Fine on BGC Brokers and GFI Subsidiaries

  • BGC Brokers, GFI Brokers and GFI Securities must pay a fine of almost £4,8 million.
  • The inter-dealer brokers failed to implement MAR trade surveillance requirements.
Thursday, 08/12/2022 | 13:19 GMT by Damian Chmiel
Institutional FX

ASIC Fines AUSIEX and Hits CommSec With Largest Ever Penalty

  • The penalty is the highest in history for breaching the Market Integrity Rule.
  • Companies used 121,000 occasions to overcharge their clients.
Wednesday, 26/10/2022 | 09:11 GMT by Damian Chmiel
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