Bastion Capital London Ltd fined £2.4m for financial crime failings

The FCA has fined Bastion Capital London Limited (in liquidation) £2,452,700 for serious financial crime control failings in relation to cum-ex trading. They failed to manage the risk of being used to facilitate fraudulent trading and money laundering.

Whilst not the largest financial crime penalty we’ve seen, for the size of the firm a £2.4m fine is material penalty.

The relevant period spans 2014-2015 and further highlights the challenges that the FCA has bringing enforcement cases to completion.

As always, we’ve tried to step back from the specifics of the case so firm’s in any sector or of any size can take the opportunity to learn from these failings.

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