Cantor Fitzgerald, under Howard Lutnick's leadership until his recent appointment as Donald Trump's commerce secretary, has been criticized by the Central Bank of Ireland for not reporting suspicious transactions on several occasions. The firm admitted to breaching regulations and accepted a fine which was reduced due to a settlement. The Central Bank noted the firm's retrospective analysis and internal communication failures over a period of six years. Additionally, Lutnick criticized the US-Ireland trade dynamics, suggesting further scrutiny on international trade practices.
The Central Bank has ruled that Cantor Fitzgerald failed six times over a six-year period to report suspicious transactions, labeling this conduct as "reckless."
Howard Lutnick, previously a chairman and CEO at Cantor Fitzgerald, has stepped aside to become Donald Trump's commerce secretary, amidst controversies on trade deficits.
Cantor Fitzgerald recognized their mistakes in failing to report suspicious transactions and has since remediated these issues, echoing a commitment to compliance.
Despite a reduction of their fine by 30% as part of a settlement, the penalty of €452,790 is significant, especially given its primary dealer status.
#cantor-fitzgerald #howard-lutnick #central-bank-of-ireland #regulatory-compliance #suspicious-transactions
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