- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-01-06T18:26:00
UBS Securities, the investment bank division of Swiss banking giant UBS, agreed to pay $3.75 million to settle allegations brought by the Financial Industry Regulatory Authority (FINRA) that its failure to adequately supervise compliance staff led to millions of violations of options trading reporting requirements.
UBS Securities was obligated under FINRA rules to reasonably investigate possible rule violations and address them, the self-regulatory organization said in a consent order Thursday.
UBS’s failure to adequately investigate red flags led to 7.1 million violations of FINRA options reporting rules between January 2010 and September 2021, according to the order. The alleged lapses included large options position report (LOPR) alerts not being investigated or addressed.
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Goldman Sachs was fined $3 million by the Financial Industry Regulatory Authority for mismarking nearly 60 million short sell orders as long and related supervision failures.
The Financial Industry Regulatory Authority increased penalties for member violations of securities rules, including removing upper limits on fines for certain instances of misconduct.
Barclays Capital agreed to pay $2.8 million as part of a settlement with the Financial Industry Regulatory Authority for “failure to comply with customer confirmation and related supervision rules” that led to disclosure lapses.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
