05/12/2021 | Press release | Distributed by Public on 05/12/2021 03:24
FCA fines a UK Investment Firm £178,000 for inadequate systems and controls to identify and mitigate the risk of being used to facilitate fraudulent trading and money laundering. Read more .
Accurate and complete transaction reporting helps underwrite market integrity and allows FCA to supervise firms and markets. In particular, transaction reports help the FCA identify potential instances of market abuse and combat financial crime.
Although this Final Notice doesn't relate to the firm's transaction reporting - it does highlight to firms that the FCA can and does use the data it receives to fulfil its statutory objectives not only in identifying potential cases of market abuse but more broadly in its efforts to tackle financial crime.
Inaccurate and incomplete transaction reports therefore hinder the FCA's ability to carry out its core obligations.
In order to support clients to fulfil their legal obligations to make accurate and complete transaction reports, and to prove to the regulator that they have mechanisms for identifying errors and omissions within transaction reports :
UnaVista Analytics - Data Accuracy contains Alerts and Dashboards designed to highlight reporting errors. Data Accuracy contains a comprehensive suite of tools to simplify the steps a firm needs to take to demonstrate that it has control over its reporting process.
Please contact your Account Manager for further details.