5,000 suspicious risks have not been discovered! Goldman Sachs fined $512,000 for regulatory oversight-Zhen Huicha

5,000 suspicious risks have not been discovered! Goldman Sachs fined $512,000 for regulatory oversight

2024-03-04 15:48:31

abstract：Recently, Goldman Sachs was fined $512,500 by the U.S. Financial Industry Regulatory Authority (FINRA) due to loopholes in its monitoring processes and systems. The FINRA investigation found that from February 2009 to mid-April 2023, Goldman Sachs failed

Recently, Goldman Sachs was fined $512,500 by the U.S. Financial Industry Regulatory Authority (FINRA) due to loopholes in its monitoring processes and systems.

The FINRA investigation found that from February 2009 to mid-April 2023, Goldman Sachs failed to include certified warrants, equity, unit trusts and certain over-the-counter equity securities in nine documents used to detect potential manipulative trading activity at the firm and its clients. in the automatic monitoring report. Due to monitoring loopholes, an estimated 5,000 related suspicious risk alerts in these nine reports went undetected.

5,000 suspicious risks have not been discovered! Goldman Sachs fined $512,000 for regulatory oversight

5,000 suspicious risks have not been discovered! Goldman Sachs fined $512,000 for regulatory oversight

By failing to establish a properly designed regulatory system, Goldman Sachs violated National Association of Securities Dealers (NASD) Rule 3010 and FINRA Rules 3110 and 2010.

Goldman Sachs has taken remedial actions, including adding the excluded securities trades to all relevant reports and conducting additional reviews to identify any deficiencies.

Goldman Sachs did not take a position on FINRA's findings but agreed to be reprimanded and promised to pay the penalty if FINRA accepts its Acceptance, Waiver, or Consent (AWC).

Goldman Sachs will pay a fine of $512,500, of which $37,000 will be paid to FINRA and the remainder will be paid to relevant exchanges.

Article Source：Forex website

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