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‘Nigh on impossible’ to follow FCA rules behind £34m Goldman fine

Banks and trading firms must review their reporting regularly to minimise risk of regulatory action, according to City experts

‘Nigh on impossible’ to follow FCA rules behind £34m Goldman fine
Photo: Getty Images

Compliance experts in the Square Mile are calling for banks to redouble their efforts on transaction reporting, following heavy fines on Goldman Sachs and UBS.

On March 27, the Financial Conduct Authority, the UK regulator, fined Goldman Sachs more than £34m for failing to properly report more than 220 million transactions. It came a week after a similar fine on UBS.

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