By Aaron Nicodemus2025-02-19T16:40:00
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.”
The trades were part of an illegal tax scheme of cum-ex trades in Denmark and Belgium for which several individuals have been convicted, the FCA said.
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The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.
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New rules that push IT firms providing “critical” services to the U.K.’s financial sector to share more data about cyberattacks and resiliency measures have been welcomed by industry experts. However, concerns remain over how suppliers will be classified and how key data might be gathered and shared.
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When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
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Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
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Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
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