- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Charles Schwab on July 2 agreed to pay the Securities and Exchange Commission a civil penalty of $2.8 million for failing to file suspicious activity reports on questionable transactions by its investment advisers.
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The SEC’s Enforcement Division issued its annual report this month, highlighting the Division’s activities in fiscal year 2018 from both a qualitative and quantitative perspective. Focusing on enforcement numbers and penalty amounts alone is meaningless, SEC Commissioner Hester Peirce said in recent remarks.
The biggest Compliance Fails of 2024 show the real-world consequences of noncompliance for the companies that faltered, but also for their customers and their employees.
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
