- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-28T17:50:00
BNY, formerly BNY Mellon, will pay a $5 million fine to the Commodity Futures Trading Commission (CFTC) for “significant reporting failures” related to its swap dealer business.
From 2018-23, BNY “repeatedly” failed to properly report the associated persons connected to five million swap transactions to a registered swap dealer repository, according to the CFTC’s order published Monday.
The bank also failed to properly supervise its swap dealer business, as it had no written policies or procedures to monitor the voice communications of associated persons of swap transactions, or to monitor the e-communications of its associated persons communicating in languages other than English, the CFTC said.
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The Commodity Futures Trading Commission fined a Nasdaq subsidiary $22 million over allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program.
Caroline Pham, a commissioner on the Commodity Futures Trading Commission, criticized the agency’s policy on credit for self-reporting violations as a “bait-and-switch.”
Brazilian energy and sugar company Raizen Energia SA and its Swiss trading subsidiary will pay $850,000 in fines to settle charges that they engaged in illegal noncompetitive transactions.
Raymond James & Associates and its subsidiary agreed to pay more than $1.9 million to settle allegations levied by the Financial Industry Regulatory Authority that it didn’t have an effective system to handle customer complaints, along with millions of direct mutual fund transactions not reasonably being supervised.
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
The Department of Justice declined to prosecute Boston Consulting Group for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act, citing the firm’s prompt self-disclosure and timely remediation.
