Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe, North America, Latin America, Asia-Pacific and Middle East: 1,929 cases from 40 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.
Click a bar to drill down one level.
Where?
by authority- Comissão de Valores Mobiliários (CVM) €41.4m 99 % · 3 cases
- Banco Central do Brasil (Comitê de Decisão de Processo Administrativo Sancionador – COPAS) €432,774 1 % · 1 case
What for?
by topicWho?
by sectorAll sectors
When?
per quarter, by date of decision| Period | Cases | Total |
|---|---|---|
| Q4 2023 | 0 | – |
| Q1 2024 | 0 | – |
| Q2 2024 | 0 | – |
| Q3 2024 | 0 | – |
| Q4 2024 | 1 | €41.2m |
| Q1 2025 | 1 | €188,419 |
| Q2 2025 | 1 | €39,713 |
| Q3 2025 | 0 | – |
| Q4 2025 | 0 | – |
| Q1 2026 | 0 | – |
| Q2 2026 | 0 | – |
| Q3 2026 | 1 | €432,774 |
| Q4 2026 | 0 | – |
4 cases
15 Oct 2024 Florim Consultoria Ltda. (ehem. Silverado Gestão e Investimentos), Santander Caceis Brasil DTVM S.A., Gradual CCTVM S.A. – Massa Falida u. a. (5 Unternehmen)CVM fines Florim, Santander Caceis, BNY Mellon and Deutsche Bank in Silverado FIDC case €41.2m
The Comissão de Valores Mobiliários (CVM, securities regulator) ordered Florim Consultoria Ltda. (formerly Silverado Gestão e Investimentos Ltda.) to pay BRL 244,979,397.58 for fraudulent transactions in managing three receivables funds (FIDC). For deficient controls as administrators or custodians of the funds, Santander Caceis Brasil DTVM S.A. received BRL 2,720,000.00, Gradual CCTVM S.A. – Massa Falida BRL 1,700,000.00, BNY Mellon Serviços Financeiros DTVM S.A. BRL 1,200,000.00 and Deutsche Bank S.A. – Banco Alemão BRL 500,000.00, totalling BRL 251,099,397.58 against companies. BNY Mellon, Gradual, Santander Caceis and Deutsche Bank were acquitted of certain charges.
Administrators and custodians of receivables funds must actively check evidence of receivables and the manager's account access – otherwise they are liable alongside the manager.
Control duties of fund administrators and custodians
- Authority / court
- Comissão de Valores Mobiliários (CVM)
- Area of law
- Capital markets and financial supervision · Market abuse and insider dealing
- Legal basis
- Instrução CVM 08/1979, Ziff. I i. V. m. II c; Instrução CVM 356/2001, Art. 8 § 3 I, Art. 38 III und IV, Art. 39 II und III i. V. m. § 4
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Liability of senior managers
- Measures against individuals are not set out here.
- Published
- 16 Oct 2024
Original amount 251,099,397.58 BRL, converted at the ECB reference rate of 15 Oct 2024.
- CVM – CVM multa em quase meio bilhão de reais acusados em processo envolvendo operação fraudulenta na gestão de FIDCs (PAS 19957.006858/2019-25) Press release of an authority
- CVM – PAS 19957.006858/2019-25, Voto do Presidente-Relator (15.10.2024) Decision of an authority
Checked against the official source on 3 Oct 2026 · Direct link
Report an error
12 Aug 2026 Lebes Financeira S.A. – Sociedade de Crédito, Financiamento e InvestimentoLebes Financeira: BRL 2.58m over lending to a related party above the limit €432,774
The BCB (central bank) sanctions committee COPAS imposed a fine of BRL 2,576,000.00 on Lebes Financeira S.A. – Sociedade de Crédito, Financiamento e Investimento because from January 2022 to March 2023 it engaged in prohibited credit transactions with a related company: its banking correspondent retained collected loan instalments, and the arrears reached BRL 147m at the end of November 2022, or 207.66% of adjusted equity against a limit of 10%. In addition there was a BRL 20m loan routed through a third company. The decision is not final.
If an affiliated distribution partner retains customer money, this can quickly become a prohibited loan to a related party.
- Authority / court
- Banco Central do Brasil (Comitê de Decisão de Processo Administrativo Sancionador – COPAS)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Lei 13.506/2017, Art. 3 II; Lei 4.595/1964, Art. 34 § 3 V d und § 4 I; Resolução CMN 4.693/2018, Arts. 5, 6 und 7 II
- Action
- Fine
- Status of proceedings
- under appeal
- Sector
- Financial services and insurance
- Liability of senior managers
- Measures against individuals are not set out here.
Original amount 2,576,000 BRL, converted at the ECB reference rate of 12 Aug 2026.
- BCB – PAS PE 293627, Relatório, Voto e Decisão 2351/2026-COPAS de 12 de agosto de 2026 (Lebes Financeira S.A.) Decision of an authority
- BCB – Quadro geral de penalidades em PAS (OData), PAS 293627 Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link
Report an error
8 Apr 2025 Regen Serviços Fiduciários Ltda.Regen Serviços Fiduciários: BRL 255,000 CVM fine over incorrect liquidity data €39,713
The CVM ordered Regen Serviços Fiduciários Ltda. to pay a fine of BRL 255,000.00 because its internal controls failed and it repeatedly submitted incorrect information to the authority on the liquidity of the investment funds it administered (Art. 19 Instrução CVM 558 until 30 June 2021, thereafter Art. 22 Resolução CVM 21). The company had not submitted a defence; an appeal with suspensive effect to the CRSFN was available against the decision.
Regulatory reports on fund liquidity need their own plausibility checks; repeated errors count as an organisational failure.
- Authority / court
- Comissão de Valores Mobiliários (CVM)
- Area of law
- Capital markets and financial supervision · Organisational requirements
- Legal basis
- Instrução CVM 558/2015, Art. 19; Resolução CVM 21/2021, Art. 22
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Published
- 8 Apr 2025
Original amount 255,000 BRL, converted at the ECB reference rate of 8 Apr 2025.
- CVM – CVM multa em R$ 255 mil administrador fiduciário por falhas em controles internos (PAS 19957.011992/2023-24) Press release of an authority
- CVM – PAS 19957.011992/2023-24, Voto da Diretora-Relatora (8.4.2025) Decision of an authority
Checked against the official source on 3 Oct 2026 · Direct link
Report an error
11 Mar 2025 Intra DTVM Ltda.Intra DTVM: CVM fine of BRL 1.2m for missing fund filings €188,419
The board of the Comissão de Valores Mobiliários (CVM, Brazilian Securities and Exchange Commission) fined the fund administrator Intra DTVM Ltda. BRL 1,200,000.00 for filing mandatory periodic information on the investment funds it administered late or not at all (Art. 59 Instrução CVM 555). According to the charges, 121 mandatory documents for 12 of the 19 funds it administered were missing at the end of the 2020 financial year; the company was acquitted of the charge of breaching its duty of diligence on a tied vote, since in that event the view more favourable to the accused prevails. An appeal against the decision is pending before the Conselho de Recursos do Sistema Financeiro Nacional (CRSFN, financial system appeals board). The decision is not final.
Fund administrators need a robust deadline and control system so that mandatory information for every fund reaches the regulator on time.
Timely mandatory filings with the regulator
- Authority / court
- Comissão de Valores Mobiliários (CVM)
- Area of law
- Capital markets and financial supervision · Disclosure and reporting obligations
- Legal basis
- Instrução CVM nº 555/2014, Art. 59
- Action
- Fine
- Status of proceedings
- under appeal
- Sector
- Financial services and insurance
- Published
- 18 Mar 2025
Original amount 1,200,000 BRL, converted at the ECB reference rate of 11 Mar 2025.
- CVM: CVM multa em R$ 1.2 milhão acusado por falhas informacionais (18.03.2025, Urteil vom 11.03.2025) Press release of an authority
- CVM: Voto des Berichterstatters im PAS CVM 19957.001912/2024-11 Decision of an authority
- CVM Dados Abertos: Processos Sancionadores (Stand und Situation der Beschuldigten) Enforcement database of an authority
Checked against the official source on 3 Oct 2026 · Direct link