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Morgan Stanley Settles to Pay $280,000 to CFTC, Relating to Faults in KYC Procedures
- The regulator also established failures relating to enforcement of imposed trading limits, lack of timely and accurate response to a CFTC document request, and failure to maintain adequate customer records.
Monday, 15/09/2014 | 23:03 GMT by
Victor Golovtchenko
ZuluTrade Fined $350,000 for Opening Accounts for Individuals from US Sanctioned Countries
- The CFTC found that for at least three years from October 2010 to October 2013, Zulutrade opened approximately 400 accounts for account holders from OFAC targeted countries (primarily Iran, Sudan, and Syria).
Tuesday, 09/09/2014 | 20:02 GMT by
Avi Mizrahi
Exclusive: NFA Issues a Complaint against FXDD, Raising Allegations on Five Counts
- According to information exclusively obtained by Forex Magnates the company is facing up to $1,250,000 in fines from the NFA, as charges are raised against FXDD and its CEO, Joseph Botkie.
Thursday, 04/09/2014 | 21:17 GMT by
Victor Golovtchenko
Deutsche Bank London Fined Almost £5 Million for Misreporting CFD Transactions over 5 Years
- Deutsche Bank AG London Branch has been fined £4,718,800 by the British Financial Conduct Authority (FCA) for incorrectly reporting 29,411,494 CFD transactions between November 2007 and April 2013.
Thursday, 28/08/2014 | 11:47 GMT by
Avi Mizrahi
CFTC Fines Merrill Lynch $1.2 Million for Charging Clients Excess Fees for over Two Years
- Merrill Lynch did not provide any meaningful training to employees regarding how to conduct fee reconciliations until 2013 and the procedures until that time were ”not fit for purpose” and “fundamentally flawed."
Wednesday, 27/08/2014 | 12:02 GMT by
Avi Mizrahi
FINRA Fines Citigroup Global Markets $1.85M Following Supervisory Violations
- The Financial Industry Regulatory Authority (FINRA) has levied a $1.85 million fine against Citigroup Global Markets Inc., which now is also responsible for paying $638,000 in restitution, plus interest.
Tuesday, 26/08/2014 | 14:32 GMT by
Jeff Patterson
NFA Slams the Door on ILQ on Its Way out from the US with Massive Fine
- After ILQ already dropped its Retail Foreign Exchange Dealer License in April, the NFA now placed a permanent ban from membership on the firm and orders it to pay a fine and restitution of about $350,00.
Wednesday, 30/07/2014 | 08:47 GMT by
Avi Mizrahi
RP Martin Fined by CFTC and FCA, over Yen Libor Manipulation, Totaling $2.2M in Penalties
- RP Martin Holdings Limited, and subsidiary Martin Brokers (UK) Ltd were fined a total $2.2M, of which $1.2M was announced by the CFTC today, and the other $1M equivalent (£630K) by the FCA today over Yen LIBOR case.
Thursday, 15/05/2014 | 14:09 GMT by
Steven Hatzakis
CySEC Fines AFX Capital Markets Ltd €10,000 on a Number of Violations
- The company operating the AFX Capital brand, based in Cyprus, and with multiple entities regulated in several jurisdictions, got fined a total of ten thousand Euros today, by the Cyprus Securities & Exchange Commission.
Wednesday, 14/05/2014 | 14:44 GMT by
Victor Golovtchenko
CySEC Fines DC Digital Processing 2 Ltd €5,000 for Its Optionbit.com Website
- The petty administrative fine was delved out by the Cyprus Securities and Exchange Commission (CySEC) after it determined the company had offered its services online before being officially CySEC-regulated.
Friday, 07/03/2014 | 18:46 GMT by
Steven Hatzakis
ASIC Hands $15,000 Fine to Pershing Securities Australia Over Trade Confirmation Errors
- The Bank of New York Mellon Subsidiary operating the Pershing brand had one of its business lines handed a tiny fine by the Australian Securities and Investment Commission over errors related to ASX trade confirmations.
Monday, 03/02/2014 | 12:04 GMT by
Steven Hatzakis
Alpari US Fined $50,000 by NFA for Insufficient Compliance with Fortress
- Failure to submit complete trade reports to the NFA's Forex Transaction Reporting Execution Surveillance System and failure to maintain required trade records, cost the former US retail broker $50,000.
Thursday, 30/01/2014 | 11:38 GMT by
Avi Mizrahi
UK's FCA Fines South Africa's Standard Bank Subsidiary £7.6 Million Over AML Failures
- One of Africa's largest banks, with extensive operations in 18 African countries, and in 13 other countries outside of Africa, had its UK subsidiary served a fine by the Financial Conduct Authority over AML failures.
Thursday, 23/01/2014 | 18:15 GMT by
Steven Hatzakis
CySEC Slaps the Wrists of Two Binary Options Related Firms
- Out of a maximum limit of €350,000, the Cyprus Securities and Exchange Commission fined an unlicensed broker €8,000 and a payment processor €10,000 for "false or misleading statements" to the regulator.
Thursday, 16/01/2014 | 16:30 GMT by
Avi Mizrahi
Forex Thief Gets 15 Years, Gambled Clients' Funds at Casino, Tried Evading Capture
- The slick forex fraudster wasn't so smooth, after unlawful conduct, including evading feds and obtaining a high quality fake Russian passport, were not enough to keep Aleksander Efrosman from getting a +15 year prison term.
Thursday, 16/01/2014 | 09:58 GMT by
Steven Hatzakis
Federal Court Ruling in Forex Fraud, $1.5M in CFTC Sanctions to Mark E. Rice of Texas
- A permanent registration/ trading ban, handed down by a Texas court, to defendant Mark E. Rice, along with $1.5 million in civil penalty's and restitution, as part of a CFTC complaint uncovering a fraudulent Forex scheme.
Wednesday, 15/01/2014 | 21:01 GMT by
Steven Hatzakis
iForex Pays CySEC Tiny Fine Over Advertising Related Issues, as Its EU Business Grows
- The Cyprus Securities and Exchange Commission imposes a EUR 5,000 administrative fine given to one of its CIF member firms for compliance issues as the regulator gets more efficient in its surveillance of online content.
Monday, 30/12/2013 | 10:51 GMT by
Steven Hatzakis
RBS Fined $100M To Settle on Sanctions Related Compliance, Group Finance Director To Resign
- Royal Bank of Scotland today announced a settlement for $100 million which it will pay to three U.S. Regulators in connection with historical compliance with U.S. Sanctions. Nathan Bostock intends to resign from board.
Wednesday, 11/12/2013 | 23:33 GMT by
Steven Hatzakis
8 Dealers in Derivatives Rigging Scandal Fined a Total of €1.71 Billion by European Commission
- UBS, Citigroup, Barclays, Deutsche Bank, RBS, Société Générale, JPMorgan and RP Martin named in settlement with European Commission in rigging case about Yen and Euro Interest Rate Derivatives, enforced under anti-cartel rules.
Wednesday, 04/12/2013 | 13:56 GMT by
Steven Hatzakis
NFA Issues IBFX With $600,000 Penalty For FX Execution Reporting Inadequacies
- Signaling a return to work for the NFA, IBFX has been censured for failing to report trade execution data between 2010 and 2011, a period in which it had applied to withdraw from NFA membership pre-Monex acquisition.
Wednesday, 16/10/2013 | 06:02 GMT by
Andrew Saks McLeod
FXDD Compliance Officer Fined $75,000 By NFA For Irregularities In AML Procedure
- Further demonstrating the regulatory effort directed at ensuring that funds received by FX firms are legitimate, the NFA has fined FXDD Chief Compliance Officer James E. Green $75,000 for irregularities brought to light by complaints.
Sunday, 28/07/2013 | 06:35 GMT by
Andrew Saks McLeod
NFA Responds To Two Complaints And Hits Interactive Brokers With $300,000 Penalty
- Following two complaints that Interactive Brokers was allegedly not exercising correct procedures relating to client funds, and using unregistered introducing brokers, the NFA yesterday issued the firm with a $300,000 fine.
Tuesday, 09/07/2013 | 06:52 GMT by
Andrew Saks McLeod
CySEC Releases Announcement Confirming Reasoning for Handing LQD Markets €80,000 Penalty, Confirms Settlement
- Subsequent to yesterday's exclusive report by Forex Magnates that Cypriot regulator CySEC has demanded LQD Markets to pay 80,000 euros, the regulator today confirmed the reason for the imposition, and the total amount, now mutually settled in full.
Tuesday, 25/06/2013 | 10:16 GMT by
Andrew Saks McLeod
Royal Bank of Scotland Group Prosecuted by CFTC For Manipulation and False Reporting of Yen and Swiss Franc LIBOR
Wednesday, 06/02/2013 | 13:41 GMT by
Andrew Saks McLeod
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