Goldman Sachs fined £34m by City watchdog for transaction reporting failures
Goldman Sachs has been fined £34m after the City watchdog found “serious and prolonged failures” in its reporting of transactions.
The Financial Conduct Authority (FCA) fined the investment bank £34.3m for failing to provide accurate and timely reporting of more than 220 million transactions.
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Earlier this month the FCA fined Swiss bank UBS £27.6m for similar offences and 12 other banks, including Deutsche Bank, Royal Bank of Scotland and Barclays, has also been penalised for transaction reporting breaches.
Goldman Sachs International’s failures spanned almost a decade from November 2007 to March 2017, the FCA said.
Director of enforcement and market oversight Mark Seward said: “The failings in this case demonstrates a failure over an extended period to manage and test controls that are vitally important to the integrity of our markets.
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“These were serious and prolonged failures,” he added.
The bank misreported 213.6m transactions and also erroneously reported 6.6m transactions over the nine-and-a-half-year period, the FCA said.