Compliance

Compliance Corner - Goldman Sachs International

Editorial Staff 2 April 2019

Compliance Corner - Goldman Sachs International

The latest compliance issues in wealth management around the world.

Goldman Sachs
The UK's Financial Conduct Authority has fined Goldman Sachs International, part of US-listed Goldman Sachs, a total of £34.3 million ($44.9 million) for not providing accurate and timely reports of more than 200 million transactions over a period of almost 10 years.

GSI failed to ensure that it provided complete, accurate and timely information in relation to approximately 213.6 million reportable transactions. It also erroneously reported 6.6 million transactions to the FCA, which were not, in fact, reportable. Altogether, over a period of nine and a half years, GSI made 220.2 million errors in its transaction reporting, breaching FCA rules.

The period covered by the failings ran between November 2007 and March 2017.

‘The failings in this case demonstrate a failure over an extended period to manage and test controls that are vitally important to the integrity of our markets. These were serious and prolonged failures," Mark Steward, FCA executive director of enforcement and market oversight, said.

The FCA said that accurate and complete transaction reporting helps underwrite market integrity and supervise firms and markets. In particular, transaction reports help the FCA identify potential instances of market abuse and combat financial crime.

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