FCA fines Mako $2.1M for ineffective financial crime monitoring program
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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