FCA Continues Focus on Transaction Reporting Breaches

April 29, 2019

In recent weeks two enforcement actions by the UK Financial Conduct Authority against regulated firms have highlighted the regulator’s continued scrutiny of transaction reporting.

In the decisions, the FCA has reiterated the importance of complete, accurate and timely transaction reporting to assist in its objective of protecting and enhancing the integrity of the UK’s financial system.  The significant penalties imposed in each case, £27.6 million and £34.3 million respectively, demonstrate the serious consequences for firms that fail to meet their transaction reporting requirements.

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