Goldman Sachs made 220 million reporting errors over a decade, a UK regulator says
A UK regulator fined Goldman Sachs on Thursday for making 220.2 million transaction reporting errors between November 2007 and March 2017. The Financial Conduct Authority fined Goldman Sachs £34 million , for"failing to provide accurate and timely reporting" to authorities. "These were serious and prolonged failures," Mark Steward, executive director of enforcement and market oversight at the FCA, said in a statement.
5 billion transaction reports to UK regulators during the period in question, meaning the errors represent about 15% of all reports filed. Yet Steward said the missteps"demonstrate a failure over an extended period to manage and test controls that are vitally important to the integrity of our markets." UK regulators granted Goldman Sachs a 30% discount on its fine because the bank agreed to resolve the case.
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