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AN AMERICAN FINANCIAL trading company will have to pay €78,000 to the Central Bank after failing to report over 90,000 transactions.
Susquehanna International Group (SIG) was found to have breached European financial regulations five times between November 2008 and December 2012.
In a statement, the Central Bank says that in that time period, SIG failed to report a total of 91,034 transactions and failed to establish adequate policies and procedures to ensure compliance with regulations.
The Central Bank has formally reprimanded the company, imposing a fine of €78,000 for the breaches, one of which was brought to the attention of regulators by the company themselves.
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The Central Bank statement goes on to say that the company, who recently hit the headlines by moving into the former AIB International Centre in the IFSC, turned over all documents related to the breaches.
“The Firm explained that three of the breaches occurred due to different technical issues and one of the breaches occurred due to human error,” says the statement.
The errors, the Central Bank says, led to concerns about the procedures being relied upon in the company. The Central Bank statement added that the fine imposed reflects “the importance the Central Bank places on accurate and timely reporting of transactions in financial instruments reflect the importance the Central Bank places on accurate and timely reporting of transactions in financial instruments”.
This is the second time SIG has been fined by the Central Bank, having to pay €60,000 in 2011 for failing to report 335,000 financial transactions.
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