2019’s largest regulatory fines
Regulation and the consequences of non-compliance are ever on the agenda at the world’s biggest banks. Unfortunately, that doesn’t mean they can’t fall foul of them. Here are the biggest fines from 2019:
Regulators have been busy in 2019
Standard Chartered fined $1.1bn for AML and sanctions breach
Standard Chartered braced itself in its 2019 projections for a hefty regulatory fine it received in April.
European Commission fines Mastercard €570m for anti-competitive antics
MasterCard was charged with limiting the payment options of card users in Europe.
Five banks fined €1bn for rigging foreign exchange market
Barclays, RBS, Citigroup, JP Morgan, and MUFG charged for using chatrooms to exchange trading plans.
Citigroup fined record £43.9m for ‘widespread’ regulatory reporting failures
“Citi failed to deliver accurate returns and failed to meet the standards of governance and oversight”.
Goldman Sachs fined £34.3m for misreporting transactions
The UK’s Financial Conduct Authority (FCA) slapped Goldman with a charge for failing to report 220m transactions
UBS bank fined £28m by FCA for misreporting transactions
UBS failed to provide complete and accurate information in relation to 86.6 million reportable transactions.
