Mako Financial Markets Partnership will pay $2.1 million (1.7 million pounds) in penalties to the U.K. Financial Conduct Authority (FCA) to settle allegations that its financial crime prevention program was ineffective.
The FCA said in a press release Tuesday that from 2013-15, Mako facilitated over-the-counter trades on behalf of its client Solo Group that were circular in nature and therefore “highly suggestive of financial crime.”
