BCN-17 Goldman Sachs fined by UK regulator

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BCN-17

BRITAIN-US-BANKING-BUSINESS

Goldman Sachs fined by UK regulator

LONDON, March 29, 2019 (BSS/AFP) – US banking giant Goldman Sachs has been
fined o34.3 million ($45.3 million, 40.2 million euros) over failures to
report transactions properly, British regulators said Thursday.

The Wall Street titan was fined for “failing to provide accurate and
timely reporting relating to 220.2 million transaction reports” between late
2007 and March 2017, the Financial Conduct Authority (FCA) said in a brief
statement.

“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,” said Mark Steward, FCA executive director of enforcement and
market oversight.

“These were serious and prolonged failures. We expect all firms will take
this opportunity to ensure they can fully detail their activity and are
regularly checking their systems so any problems are detected and remedied
promptly, unlike in this case.”

Goldman Sachs agreed to resolve the case and faced a 30-percent discount
from a potential penalty of more than o49 million, according to the FCA.

The fine is the second of its kind this month after the FCA fined Swiss
bank UBS o28 million on March 19 for a similar offence.

BSS/AFP/HR/1000