Wire Service
1 minute read
28 Mar 2019
6:12 pm

Goldman Sachs fined by UK regulator


US banking giant Goldman Sachs has been fined £34.3 million ($45.3 million, 40.2 million euros) over failures to report transactions properly, British regulators said Thursday.

The Goldman Sachs Manhattan headquarters stands is seen December 17, 2018 in New York City. Getty/AFP/File/SPENCER PLATT

The Wall Street titan was fined for “failing to provide accurate and timely reporting relating to 220.2 million transaction reports” between late 2007 and March 2017, the Financial Conduct Authority (FCA) said in a brief statement.

“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,” said Mark Steward, FCA executive director of enforcement and market oversight.

“These were serious and prolonged failures. We expect all firms will take this opportunity to ensure they can fully detail their activity and are regularly checking their systems so any problems are detected and remedied promptly, unlike in this case.”

Goldman Sachs agreed to resolve the case and faced a 30-percent discount from a potential penalty of more than £49 million, according to the FCA.

The fine is the second of its kind this month after the FCA fined Swiss bank UBS £28 million on March 19 for a similar offence.