Archipelago Trading Services Inc. (ATSI), a Chicago-based broker-dealer, faces substantial penalties from the Securities and Exchange Commission (SEC) for neglecting to file legally mandated Suspicious Activity Reports (SARs) related to over-the-counter (OTC) securities transactions.
Commodity Futures Trading Commission (CFTC) has imposed a $5.5 million civil monetary penalty on Goldman Sachs & Co. in response to recordkeeping violations and failure to adhere to prior cease-and-desist orders.
Goldman Sachs Group is taking proactive measures to strengthen its compliance department as the financial industry faces heightened scrutiny from regulatory authorities, particularly the Federal Reserve. The Wall Street giant plans to bring in several hundred new employees to address concerns flagged by banking supervisors. The move reflects the industry's growing recognition of the need to enhance compliance structures in response to tighter regulations and increased regulatory oversight.
Wells Fargo has agreed to pay a $35 million civil penalty to resolve charges brought by the Securities and Exchange Commission (SEC) for overcharging more than 10,900 investment advisory accounts a total of over $26.8 million in advisory fees. This settlement highlights the need for stringent compliance procedures to ensure that financial firms honor their agreements with clients, even as they expand through acquisitions.
In a move to resolve allegations of violating the Foreign Corrupt Practices Act (FCPA), the Securities and Exchange Commission (SEC) has announced that 3M Company will pay more than $6.5 million. The charges stem from violations of the books and records as well as internal controls provisions of the FCPA.
Following a year and half of deliberation and protest from fund managers over the initial proposal, the SEC voted on the final requirements the private funds industry will have to meet when it comes to disclosure and fairness with investors.
Britain's energy regulator, Ofgem, has announced that it is imposing a fine of £5.41 million ($6.88 million) on Morgan Stanley & Co. International plc (MSIP) for failure to record and retain electronic communications related to trading wholesale energy products. The penalty comes as a result of breaches that occurred between January 2018 and March 2020, Ofgem stated.