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Updated 13.29
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.
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.
SIG could not be reached for comment.
First published 12.43
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These companies will be queuing up to get to ireland, €78k fine, 5 year investigation, they’re laughing there bollox off.
€78k??? Probably about 5 minutes of profit for a company like that!
Fined for issues in 2008? Best advert ever for rogue traders to relocate to Ireland as by the time the Central Bank wakes up to suspicious activities they will be enjoying life in Cape Cod. The lights are on but……?
They even had to report one breach themselves. I presume the 78k figure was pulled from someones arse.
Who’s gonna get a 78k bonus I wonder?
An oireachtas inquiry is a major no no !!!
Click on the link and sign the petition for an independent european body of inquiry to investigate banking scandal in Ireland copy link to friends and family if you want to help
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