ClusterSeven: Sweeping Winds of Change in Compliance Culture
We woke up to the news today that Swiss investment bank, UBS, has been fined a record £27.6 million by the Financial Conduct Authority (FCA), for transaction reporting breaches. 136 million misreported transactions over almost a decade!
Clearly, regulators mean business and are leaving no stone unturned to curb intentional or inadvertent non-compliance. The high expectation of financial institutions to comply is evident in the value of the UBS fine, the highest yet. Also, regulators
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