Cantor Fitzgerald, under the leadership of Howard Lutnick until his appointment as Trump's commerce secretary, faced serious regulatory scrutiny for failing to report suspicious transactions. The Central Bank of Ireland determined that the firm displayed "reckless" conduct over six instances spanning six years. Initially fined €646,840, the penalty was decreased by 30% due to a settlement. Cantor's compliance processes were criticized for relying on flawed reasoning when assessing transaction suspicions, which could impact its status as a primary dealer in Irish government bonds.
The Central Bank found that Cantor Fitzgerald failed to report suspicious transactions or orders on six occasions, a lapse described as "reckless." The fine was reduced via settlement.
Investigators revealed that Cantor's STOR committee used "unsound rationales" for not reporting suspicious transactions, indicating systematic flaws in their compliance practices.
#cantor-fitzgerald #regulatory-breach #howard-lutnick #central-bank-of-ireland #suspicious-transactions
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