Regulators in the U.K. have hit Goldman Sachs International with hefty sanctions for transaction reporting failures that stretched out over 10 years.
The U.K.’s Financial Conduct Authority (FCA) has fined Goldman Sachs £34.3 million for failing to provide timely, accurate transaction reports between 2007 and 2017.
Regulators rely on these reports to help identify illegal insider trading, market manipulation and other forms of market abuse.
The FCA says that, in this case, the firm’s violations involve 220.2 million transactions, including the needless reporting of 6.6 million transactions, and 213.6 million other trade reports that were erroneous in one way or another.
The firm agreed to settle the case, earning a 30% discount on its penalty, which otherwise would have been £49.1 million.
“The failings in this case demonstrate 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,” Mark Steward, executive director of enforcement and market oversight at the FCA, said in a statement.
“We expect all firms will take this opportunity to ensure they can fully detail their activity and are regularly checking their systems so any problems are detected and remedied promptly, unlike in this case,” he added.