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CFTC orders three major US banks to pay more than $50 million dollars for swap reporting failures

Sumbul Farid by Sumbul Farid
October 1, 2023
in Markets, News, Story, World
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Bitcoin is the best performing asset in 2023: Goldman sachs

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On Friday, the US commodity futures trading commission commanded Goldman Sachs, Bank of America and JP Morgan to pay a sum of more than $50 million in order to reimburse charges of swap reporting failures along with other allegations, according to a directive by the agency.

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Goldman Sachs Settles for $15 Million in Swaps Business Investigation
Goldman Sachs Settles for $15 Million in Swaps Business Investigation The directive issueed on Friday also notified Goldman Sachs to take steps to create a written plan for remediation and hire a consultant to advice on and approve of its remediation plan.

According to a statement issued by the CFTC, the three Wall Street firms – JP Morgan, Goldman Sachs, Bank of America card to pay their symbol monetary fines worth $15 million, $30 million and $8 million respectively.

Goldman Sachs was fined for their inability to meticulously supervise a broad dimension of its swap dealer activities, as well as for “unprecedented failures regarding swap data reporting”, the commission added. The CFTC has accused that these issues have been going on since 2013.

The directive issueed on Friday also notified Goldman Sachs to take steps to create a written plan for remediation and hire a consultant to advice on and approve of its remediation plan.

An American multinational investment bank and financial services company, Goldman Sachs, was founded in 1869 and has its headquarters in lower Manhattan in the New York City. It is the second largest investment bank globally by revenue, and is considered a systematically prominent financial institution.

 

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The directive fined JP Morgan for committing a breach related to  swap reporting, whereas the Bank of America was charged for “failing to diligently supervise swaps reporting and failing to comply with swaps reporting obligations.”

Further more, in spite of all violations, the watchdog said that its directive garnered “substantial cooperation“ from all the three firms with the officials and it also added that as a result there was a relaxation in civil monetary fines.

JP Morgan Chase and company is yet another American multinational financial services firm that has its headquarters located in New York City. It is the largest bank in the USA and the worlds largest bank as per market capitalisation in the year 2023 with assets worth $3.3 trillion.

Bank of America is also a leading financial institution that serves serves individuals as well as small and middle market businesses, large companies, governments with a diverse range of experience in banking, investments as well as other services.

Out of the three, Goldman Sachs has been noticed to be a recurring transgressor, as it has faced charges by the CFTC in the past as well. Earlier too, the firm was levied a hefty fine of $3 million for its non-compliance in the surveillance of a huge oil futures contract position back in the year 2017. However, the bank never admitted nor refused the accusations but mentioned that it was pleased to have sorted out the matter. Moreover, the bank also willingly paid a separate $6 million to the securities and exchange commission for sending incomplete trading data.

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The charges and allegations levied against these major firms by the CFTC Showcase the regulator’s commitments to enforce decorum within the financial industry. The CFTC also mentioned the assistance of the United Kingdom financial conduct authority pertaining to the current matters, underlining global scope and importance that financial regulation and international cooperation carries on in maintaining the Reputation of the financial markets. These charges serve as a reminder for all institutions in finance and of note worthy supervision and compliance to regulatory bodies.

The directive also stated the CFTC thanking and acknowledging the help of the national futures Association in the matter.

 

Tags: #CFTCfinancetechUSA
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Sumbul Farid

Sumbul Farid

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