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Fine

UBS AG (UBS) has been fined GBP27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports between November 2007 and May 2017.

BIScom Subsection: 

How would you feel if your company was fined GBP200,000 and ordered to pay costs of more than GBP17,000 for health and safety issues even though no-one was hurt? Ask Renault.

CoNet Section: 

In the wider world of financial services, there's a tendency to forget that there are regulators for other areas of commerce, too. In the UK, in accounting, the last stop for action relating to accounting and audit misconduct is the Financial Reporting Council. It's one of those bodies that replaces gravitas with slogans on its website (which is "flashy" but doesn't work properly) but when it gets its teeth into a case, it acts as a proper regulator. It levies only small fines but it's paying more and more attention to the big boys.

CoNet Section: 

While Clyde and Co's accounts were being examined in relation to allegations of failings under the money laundering regulations (see here), it was found a significant number of accounts where balances were held on the client's account but no action had taken place for a long time. The firm set out to remedy it. The partner responsible did it improperly.

CoNet Section: 

The Solicitors' Disciplinary Tribunal (which, trendily, omits the apostrophe when it writes its own name) has levied its largest fine ever. Like the previous largest, it's against the London office of a US law firm.

CoNet Section: 

In 2015, the UK's Financial Conduct Authority fined Barclays Bank its then largest penalty for failings in its financial crime management obligations. Barclays had been one of the first major banks to install company-wide money laundering management software. But it doesn't help when those within the bank don't feed it the information it needs.

On 30 January 2017, the NYDFS superintendent, Maria Vullo, announced that Deutsche Bank would pay a fine of USD425 million for failures in counter-money laundering systems and controls, in an investigation closely linked with a similar investigation into the same facts by the UK's Financial Conduct Authority. What the NYDFS found is disturbing.

The USA's Financial Industry Regulatory Authority (FINRA) has agreed with Deutsche Bank Securities Inc. that the bank will pay USD3.25 million. FINRA found that the company failed to make the same information available to all of the clients of its "Alternative Trading System," and other breaches of regulations.