قالب وردپرس درنا توس
Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Goldman Sachs made 220 million reporting errors over a decade, UK regulator says

Goldman Sachs made 220 million reporting errors over a decade, UK regulator says



The FSA fined Goldman Sach's £ 34 million ($ 45 million) for "failure to properly and timely report" to the authorities.

"These were serious and long-standing errors," said Mark Steward, FCA enforcement and market surveillance director, in a statement.

The British fines come as Goldman Sachs is mired in an independent corruption scandal in Malaysia, which has tarnished the Wall Street firm's reputation and resulted in charges against a former partner.

Financial institutions must submit timely transaction reports on trades. They describe the product being exchanged, the trading venue and the identities of buyers and sellers.

These reports are used by regulatory authorities to cheat market abuse and monitor banks.

Goldman Sachs and other major financial players make countless trades every day. The vast majority are reported accurately.

Goldman Sachs filed approx. DKK 1
.5 billion Transaction reports to UK regulators during that period, which means that the errors represent approx. 15% of all submitted reports.
  Abu Dhabi Management Fund pushes Goldman Sachs over the corruption scandal in Malaysia

Still, Steward said the mistakes "demonstrate an error over an extended period to control and test controls that are crucial to the integrity of our markets. "

UK regulators gave Goldman Sachs a 30% discount on its fine because the bank agreed to settle the case.

"We are happy to have solved this legacy issue," Goldman Sachs said in a statement. The bank said it dealt with the problem "proactively" and has since made significant investments to "improve" its reporting procedures.

Goldman Sachs is hardly the only bank to be punished for such errors. Bank of America's ( BAC ) Merrill Lynch, Barclays ( BCS ) Credit Suisse ) () ( RBS ) ( RBS )] and Deutsche Bank ( DB ) have all been fined in recent years to report errors.
Goldman Sachs fights the much more serious 1MDB controversy, a multi-billion dollar scandal over company contacts with Malaysia's sovereign value fund. Abu Dhabi sovereign investment fund Mubadala Investment Company announced earlier this month, it will not do anything new with Goldman.
David Solomon, Goldman's new CEO, apologized for the 1MDB case and defended the bank's culture.

Source link