News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-02T17:53:00
Three of the largest U.S. financial institutions agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission (CFTC) addressing alleged swap reporting failures among their respective affiliates.
Goldman Sachs was fined $30 million, while JPMorgan Chase and Bank of America were assessed penalties of $15 million and $8 million, respectively. The CFTC announced the settlements in a press release Friday, in which Ian McGinley, director of the agency’s Enforcement Division, said it is “well past time for swap dealers to ensure they are in full compliance” with CFTC regulations.
At Goldman Sachs & Co., some deficiencies uncovered by the CFTC were found to have persisted over the course of the last decade. The agency’s investigation revealed supervisory weaknesses in areas including swap data reporting, pre-trade mid-market mark (PTMMM) disclosures, personnel reporting lines, clearing member risk management policies, notices regarding initial margin model and segregation, and disclosure of static material economic terms, per the CFTC’s order.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-11-29T20:19:00Z By Aaron Nicodemus
Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
2023-10-30T14:26:00Z By Kyle Brasseur
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
2023-10-19T11:33:00Z By Aaron Nicodemus
The Commodity Futures Trading Commission will consider increasing its enforcement penalties in certain cases to deter future violations of commodities law and punish repeat offenders.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
Site powered by Webvision Cloud