FCA Fines Interdealer Broker Over Cum-Ex Safeguards

By Najiyya Budaly (November 12, 2021, 1:57 PM GMT) -- The City watchdog said on Friday that it has fined an interdealer broker more than £600,000 ($800,000) for serious failings in its safeguards against financial crime during so-called cum-ex trading by clients.

The FCA has said it fined the broker after finding that it had failed to mitigate the risk that it would facilitate fraudulent trading and money laundering. (iStock) The Financial Conduct Authority said it has fined Sunrise Brokers LLP £642,400 after finding that the firm had "deficient systems and controls" that prevented it from mitigating the risk that it would facilitate fraudulent trading and money laundering in its cum-ex trading business between February...

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