Goldman Sachs has been fined £34m after the City watchdog found “serious and prolonged failures” in its reporting of transactions.
The Financial Conduct Authority (FCA) fined the investment bank £34.3m for failing to provide accurate and timely reporting of more than 220 million transactions.
Earlier this month the FCA fined Swiss bank UBS £27.6m for similar offences and 12 other banks, including Deutsche Bank, Royal Bank of Scotland and Barclays, has also been penalised for transaction reporting breaches.
Goldman Sachs International’s failures spanned almost a decade from November 2007 to March 2017, the FCA said.
Director of enforcement and market oversight Mark Seward said: “The failings in this case demonstrates a failure over an extended period to manage and test controls that are vitally important to the integrity of our markets.
“These were serious and prolonged failures,” he added.
The bank misreported 213.6m transactions and also erroneously reported 6.6m transactions over the nine-and-a-half-year period, the FCA said.