Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe and North America: 718 cases from 32 jurisdictions, each with an official source and checked against that source before publication. Filter by country, area of law and sector. Click a chart to drill down one level.
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per quarter, by date of decision| Period | Cases | Total |
|---|---|---|
| Q3 2023 | 0 | — |
| Q4 2023 | 0 | — |
| Q1 2024 | 0 | — |
| Q2 2024 | 0 | — |
| Q3 2024 | 0 | — |
| Q4 2024 | 0 | — |
| Q1 2025 | 2 | €127.5m |
| Q2 2025 | 0 | — |
| Q3 2025 | 0 | — |
| Q4 2025 | 0 | — |
| Q1 2026 | 0 | — |
| Q2 2026 | 0 | — |
| Q3 2026 | 0 | — |
2 cases
16 Jan 2025 Two Sigma Investments LP und Two Sigma Advisers LPTwo Sigma: 90 million USD – known weaknesses in investment models left unremedied for years €87.6m
Employees identified weaknesses in investment models that could affect client returns by March 2019 at the latest, but Two Sigma only acted in August 2023; there were no policies, and one employee made unauthorised changes to more than a dozen models. In addition, separation agreements required employees to declare that they had not filed any complaint with authorities. The U.S. Securities and Exchange Commission (SEC) imposed 90 million USD; Two Sigma had already repaid 165 million USD to clients.
Model risks need a change and approval procedure – and identified weaknesses need a binding deadline for remediation.
- Authority / court
- U.S. Securities and Exchange Commission (SEC)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Investment Advisers Act of 1940 (Antifraud, Compliance Rule 206(4)-7); Exchange Act Rule 21F-17(a)
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Culpability
- intentional
- Mitigating circumstances
- Voluntary repayment of 165 million USD to affected funds and accounts.
Original amount 90,000,000 USD, converted at the ECB reference rate of 16 Jan 2025.
- SEC Charges Two Sigma for Failing to Address Known Vulnerabilities in its Investment Models (16.01.2025) Press release of an authority
Checked against the official source on 25 Sep 2026 · Direct link
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13 Jan 2025 BMO Capital Markets Corp.BMO Capital Markets: 40.7 million USD – inadequate supervision of bond desk €39.9m
From December 2020 to May 2023, staff on the agency CMO bond desk sold mortgage-backed bonds worth around 3 billion USD using misleading metrics; the broker-dealer’s supervisory procedures contained no requirements for the structuring and sale of these bonds. BMO paid 19,417,908 USD in disgorgement, 2,241,507 USD in interest and a civil penalty of 19 million USD.
Tailor supervisory procedures to the actual products and sales practices of each desk – generic policies are not enough.
- Authority / court
- U.S. Securities and Exchange Commission (SEC)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Securities Exchange Act of 1934, Section 15(b)(4)(E) (Failure to supervise)
- Action
- Fine
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Employees
- 10,000 or more
Original amount 40,659,415 USD, converted at the ECB reference rate of 13 Jan 2025.
- SEC Charges BMO Capital Markets with Failing to Supervise Agency Bond Desk (13.01.2025) Press release of an authority
Checked against the official source on 25 Sep 2026 · Direct link