Compliance Radar

Who was sanctioned, and for what?

Fines, court rulings and incidents from Europe and North America: 756 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.

Capital markets and financial supervisionOrganisational requirements Clear all filters
21cases from 11 jurisdictions
€162.1mTotal of monetary amounts (19 cases with an amount)
€87.6mLargest single case: Two Sigma Investments LP und Two Sigma Advisers LP
€389,760Median per case with an amount

Click a bar to drill down one level.

by amountby number of cases

Where?

by region

All jurisdictions

  1. USA €127.5m 79 % · 2 cases
  2. United Kingdom €16m 10 % · 2 cases
  3. Switzerland €9.98m 6 % · 1 case
  4. EU €8.28m 5 % · 15 cases
  5. Canada €369,572 0 % · 1 case

What for?

by action
  1. Fine €151.7m 94 % · 15 cases
  2. Disgorgement of profits €9.98m 6 % · 1 case
  3. Other €395,000 0 % · 5 cases

Who?

by sector

All sectors

  1. Financial services and insurance €162.1m 100 % · 21 cases

When?

per quarter, by date of decision
Trend
PeriodCasesTotal
Q3 20230—
Q4 20230—
Q1 20241€2.2m
Q2 20240—
Q3 20240—
Q4 20243€25.7m
Q1 20253€127.7m
Q2 20250—
Q3 20254€720,000
Q4 20252€100,000
Q1 20262€1.76m
Q2 20265€3.76m
Q3 20261€177,187

21 cases

Newest firstHighest amounts
16 Sep 2026 AIFM Capital ABAIFM Capital: 2 million SEK for inadequate selection and oversight of fund managers SwedenOrganisational requirements €177,187

As a so-called fund hotel, the company had its funds managed by other firms, but examined these delegation agreements only insufficiently, did not take the related decisions properly and did not monitor the funds’ returns in relation to risk closely enough. The Swedish financial supervisory authority Finansinspektionen (FI) issued a remark and imposed 2 million SEK; no damage to investors was established.

What organisations can take from it

Outsourcing tasks does not outsource responsibility: document the selection of service providers, the decisions taken and ongoing oversight.

Authority / court
Finansinspektionen (FI)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Schwedisches Fondsrecht – Regeln zur Delegation der Fondsverwaltung und deren Überwachung
Action
Fine
Status of proceedings
unknown
Sector
Financial services and insurance
Mitigating circumstances
No established damage to investors; remedial measures already taken during the investigation.
Published
16 Sep 2026

Original amount 2,000,000 SEK, converted at the ECB reference rate of 16 Sep 2026.

Sources

Checked against the official source on 25 Sep 2026 · Direct link

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30 Jun 2026 Moody's Deutschland GmbHESMA fines Moody's Deutschland 2.1 million EUR EU levelOrganisational requirements €2.15m

The credit rating agency did not submit up-to-date rating information to the European Securities and Markets Authority (ESMA), did not provide complete historical performance data to the central repository and lacked adequate procedures and internal control mechanisms. ESMA found negligent infringements and imposed fines totalling 2,145,000 EUR.

What organisations can take from it

Reporting obligations to the supervisory authority are data quality issues – without functioning internal controls, they become a risk of fines.

Authority / court
Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Verordnung (EG) Nr. 1060/2009 (CRA-Verordnung), Art. 24, 36a, Anhang III
Action
Fine
Status of proceedings
unknown
Sector
Financial services and insurance
Culpability
negligent
Repeat case
yes
Sources

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26 Jun 2026 Banque Degroof Petercam SABanque Degroof Petercam: 1 million EUR settlement over hidden costs in employee stock options BelgiumOrganisational requirements €1m

In stock option plans for employees of client companies (2018–2023), the bank did not fully inform the beneficiaries about costs, had initially not recorded the conflicts of interest in this business and assessed clients’ knowledge only with a yes/no question. The Autorité des services et marchés financiers (Belgian Financial Services and Markets Authority, FSMA) accepted a settlement of 1 million EUR with publication by name and commitments on cost information.

What organisations can take from it

Full cost transparency and a dedicated conflicts register also apply to ancillary business such as employee stock option plans.

Authority / court
Autorité des services et marchés financiers (FSMA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Loi du 2 août 2002; Wohlverhaltensregeln (Loyalität, Kostentransparenz, bestmögliche Ausführung, Interessenkonflikte, Kundenkenntnis)
Action
Fine
Status of proceedings
final
Sector
Financial services and insurance
Repeat case
yes
Mitigating circumstances
Remediation of all deficiencies (appropriateness test, conflicts policy, cost disclosure, waiver of CVA/KVA discounts).
Published
26 Jun 2026
Sources

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25 May 2026 Robomarkets LtdCyprus: Robomarkets pays 100,000 EUR under settlement over CFD sales to retail clients CyprusOrganisational requirements €100,000

For the period June 2023 to June 2024, the Cyprus Securities and Exchange Commission (CySEC) examined the investment firm’s organisational requirements, client information, appropriateness assessment and compliance with the restrictions on marketing CFDs to retail investors. The proceedings were concluded with a settlement of 100,000 EUR, which the company has already paid.

What organisations can take from it

When selling CFDs to retail clients, the appropriateness assessment and product intervention rules are central points of supervisory scrutiny.

Relevance to training and awareness

Appropriateness assessment when selling complex products

Authority / court
Cyprus Securities and Exchange Commission (CySEC)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Art. 22(1), 25(1), 26(3) Gesetz über Wertpapierdienstleistungen 2017; Art. 42 VO (EU) 600/2014; CySEC-Richtlinie DI87-09; Art. 37(4) CySEC-Gesetz
Action
Other
Status of proceedings
final
Sector
Financial services and insurance
Published
24 Aug 2026
Sources

Checked against the official source on 25 Sep 2026 · Direct link

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5 May 2026 P&V Assurances SCP&V Assurances: 150,000 EUR – distribution via a deregistered insurance intermediary BelgiumOrganisational requirements €150,000

One of the insurer’s intermediaries was removed from the FSMA register in December 2023; owing to a human data entry error in the monitoring tool, P&V only noticed this after more than a month and concluded 34 contracts through him during that time. The Autorité des services et marchés financiers (Belgian Financial Services and Markets Authority, FSMA) accepted a settlement of 150,000 EUR; there had already been a settlement for the same amount in 2020.

What organisations can take from it

Automated register checks are only as good as the underlying data maintenance – critical entries require a four-eyes principle.

Relevance to training and awareness

Care in master data maintenance / register reconciliation

Authority / court
Autorité des services et marchés financiers (FSMA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Loi du 4 avril 2014 relative aux assurances, Art. 259
Action
Fine
Status of proceedings
final
Sector
Financial services and insurance
Repeat case
yes
Mitigating circumstances
IT adjustments to prevent recurrence.
Published
5 May 2026
Sources

Checked against the official source on 25 Sep 2026 · Direct link

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15 Apr 2026 Liquidnet Canada Inc.Liquidnet Canada: confidential order data passed on to unauthorised persons Canada, ONOrganisational requirements €369,572

The operator of alternative trading systems passed on confidential order and trading information from its fixed income and equity platforms to unauthorised employees, lacked adequate safeguards and was initially not forthcoming with the regulator. Sanctions: administrative penalty of 600,000 CAD, 75,000 CAD in costs, a reprimand and an external review.

What organisations can take from it

Technically restrict access rights to confidential client data and review them regularly – and make complete reports to the regulator.

Relevance to training and awareness

Need-to-know principle and protection of confidential trading data

Authority / court
Capital Markets Tribunal (Ontario) auf Antrag der Ontario Securities Commission
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
National Instrument 21-101, s. 5.10(1)-(3); Securities Act (Ontario) ss. 127(1), 127.1
Action
Fine
Status of proceedings
final
Sector
Financial services and insurance
Mitigating circumstances
Cooperation, self-report, no prior record

Original amount 600,000 CAD, converted at the ECB reference rate of 15 Apr 2026.

Sources

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27 Mar 2026 Dinosaur Merchant Bank LimitedDinosaur Merchant Bank: 338,000 GBP – CFD trading without market abuse surveillance United KingdomOrganisational requirements €389,760

After a new order management system was introduced in June 2024, CFD transactions with an underlying value of around 3.05 billion USD were not captured by automated trade surveillance. The bank identified the error in October 2024 but only remedied it in May 2025; the Financial Conduct Authority (FCA) imposed 338,000 GBP after a 30% cooperation discount.

What organisations can take from it

With every system migration, check whether surveillance systems actually capture the new data flows.

Authority / court
Financial Conduct Authority (FCA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Art. 16 Abs. 2 UK MAR; SYSC 6.1.1R; FCA Principle 3
Action
Fine
Status of proceedings
final
Sector
Financial services and insurance
Mitigating circumstances
Full cooperation (30% discount); CFD business discontinued in May 2025.

Original amount 338,000 GBP, converted at the ECB reference rate of 27 Mar 2026.

Sources

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17 Feb 2026 REGIS-TR S.A.Trade repository REGIS-TR: deficiencies in organisation and data protection – 1.37 million EUR EU levelOrganisational requirements €1.37m

The Luxembourg trade repository lacked adequate compliance procedures and an appropriate organisational structure, failed to identify operational risks and did not adequately protect the confidentiality and integrity of the reported data. ESMA imposed fines totalling 1,374,000 EUR for negligent infringements under EMIR and SFTR; the case is under appeal.

What organisations can take from it

Market infrastructures must manage operational risks and data access as strictly as banks manage their credit risks.

Authority / court
Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Verordnung (EU) Nr. 648/2012 (EMIR), Art. 65, 73, Anhang I; Verordnung (EU) 2015/2365 (SFTR), Art. 9
Action
Fine
Status of proceedings
under appeal
Sector
Financial services and insurance
Culpability
negligent
Repeat case
yes
Sources

Checked against the official source on 25 Sep 2026 · Direct link

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13 Oct 2025 Wonderinterest Trading LtdCyprus: 100,000 EUR against Wonderinterest Trading over misleading client information CyprusOrganisational requirements €100,000

For 2022 to 2024, the Cyprus Securities and Exchange Commission (CySEC) found that the investment firm had no adequate compliance procedures, did not define target markets for its financial instruments, did not act in the best interests of clients and did not inform clients in a fair, clear and not misleading manner. It imposed fines of 50,000, 30,000 and 20,000 EUR; a judicial review of the decision has been recorded.

What organisations can take from it

Advertising statements by financial service providers must present risks in a balanced way – marketing belongs in the compliance approval process.

Relevance to training and awareness

Fair and not misleading marketing communications

Authority / court
Cyprus Securities and Exchange Commission (CySEC)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Sec. 17(2), 17(3)(c), 22(1), 25(1), 25(3)(a) Gesetz über Wertpapierdienstleistungen 2017; Art. 22, 44 Delegierte VO (EU) 2017/565
Action
Fine
Status of proceedings
under appeal
Sector
Financial services and insurance
Published
17 Dec 2025
Sources

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13 Oct 2025 Finamore S.A.Finamore: licence of insurance broker withdrawn over serious deficiencies LuxembourgOrganisational requirements Other

The Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) withdrew the broking firm’s licence (effective from 1 December 2025), among other things for using unregistered intermediaries, lacking internal expertise, insufficiently protected confidential data, economically unexplained payment flows with affiliated companies, incomplete or false information provided to the supervisory authority and deficient customer information.

What organisations can take from it

False information to the supervisory authority and unregistered distribution partners can cost the business its existence – not just a fine.

Authority / court
Commissariat aux Assurances (CAA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 303 Abs. 3 lit. c
Action
Other
Status of proceedings
unknown
Sector
Financial services and insurance
Published
29 May 2026
Sources

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5 Sep 2025 „Paysera LT“, UABPaysera took over e-money institution Contis without approval – 400,000 EUR LithuaniaOrganisational requirements €400,000

Paysera acquired 100% of the shares in UAB ‘Finansinės paslaugos „Contis“’ before the assessment period had expired and without a non-objection from the supervisory authority; in April 2025, the Lietuvos bankas (Bank of Lithuania, financial supervisor) objected to the acquisition owing to a lack of documents on reputation, financial soundness and money laundering risks. In addition, the annual financial statements and other reports were not approved and submitted on time. Fine of 400,000 EUR and obligation to remedy by 30 September 2025. Source: archived copy of the press release.

What organisations can take from it

Complete acquisitions of holdings in supervised institutions only after approval – otherwise voting rights are suspended and fines loom.

Authority / court
Lietuvos bankas (Litauische Zentralbank, Finanzaufsicht)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Elektroninių pinigų ir elektroninių pinigų įstaigų įstatymas (Inhaberkontrolle, Berichtspflichten)
Action
Fine
Status of proceedings
unknown
Sector
Financial services and insurance
Published
5 Sep 2025
Sources

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1 Sep 2025 Blacktower Financial Management (Cyprus) LtdCyprus: Blacktower Financial Management pays 70,000 EUR over conflicts of interest CyprusOrganisational requirements €70,000

For the period November 2020 to May 2025, the Cyprus Securities and Exchange Commission (CySEC) investigated the investment firm’s handling of conflicts of interest and its general conduct of business and information obligations towards clients. The proceedings ended with a settlement of 70,000 EUR, which the company has paid.

What organisations can take from it

Conflicts of interest must be identified, documented and managed vis-à-vis clients – adviser training is the basis for this.

Relevance to training and awareness

Recognising conflicts of interest in investment advice

Authority / court
Cyprus Securities and Exchange Commission (CySEC)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Art. 24(1), 25(1) Gesetz über Wertpapierdienstleistungen 2017; Art. 37(4) CySEC-Gesetz
Action
Other
Status of proceedings
final
Sector
Financial services and insurance
Published
17 Nov 2025
Sources

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23 Jul 2025 Condor Courtiers & Conseillers S.à r.l.Condor Courtiers & Conseillers: licence withdrawn for using unlicensed introducers LuxembourgOrganisational requirements Other

Following an on-site inspection in 2024, the Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) withdrew the broker’s licence (effective 15 September 2025): there was no effective management by approved managers, unlicensed ‘introducers’ were de facto selling insurance, and the broker’s licence, together with its sub-intermediary network, was improperly made available to third parties.

What organisations can take from it

A distribution licence is not transferable – anyone who ‘rents it out’ to third parties or lets introducers sell risks having it withdrawn.

Authority / court
Commissariat aux Assurances (CAA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 273, 274, 283, 286, 303
Action
Other
Status of proceedings
unknown
Sector
Financial services and insurance
Published
16 Sep 2025
Sources

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8 Jul 2025 Barents Reinsurance S.A.Barents Reinsurance: maximum fine of 250,000 EUR over governance deficiencies LuxembourgOrganisational requirements €250,000

The reinsurer breached the principle of specialisation in reinsurance business, its approved manager was not effectively present on site and had insufficient powers, the governance system including oversight of outsourced functions was inadequate, and orders from a 2019 inspection had not been implemented or only partially. The Commissariat aux Assurances (Luxembourg insurance supervisory authority, CAA) imposed the statutory maximum of 250,000 EUR; the company cooperated.

What organisations can take from it

On-site substance is a supervisory requirement: management, powers and oversight of outsourced functions must genuinely be located in the home country.

Authority / court
Commissariat aux Assurances (CAA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Loi modifiée du 7 décembre 2015 sur le secteur des assurances, Art. 49, 71, 81, 274, 303
Action
Fine
Status of proceedings
unknown
Sector
Financial services and insurance
Mitigating circumstances
Cooperation with the CAA during and after the inspection.
Published
8 Aug 2025
Sources

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31 Mar 2025 FXNET LimitedCyprus: FXNET pays 225,000 EUR under settlement over organisational and CFD breaches CyprusOrganisational requirements €225,000

The investigation covering 2021 to 2022 concerned compliance organisation, product governance, record-keeping obligations, safeguarding of client funds, client information, suitability and appropriateness assessments and the CFD restrictions for retail investors. Following board resolutions of 17 and 31 March 2025, the Cyprus Securities and Exchange Commission (CySEC) concluded a settlement of 225,000 EUR, which has been paid.

What organisations can take from it

Safeguarding client funds and keeping proper records are basic duties of every investment firm – gaps quickly add up in a settlement.

Authority / court
Cyprus Securities and Exchange Commission (CySEC)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Art. 17, 22(1), 25, 26(3)(a) Gesetz über Wertpapierdienstleistungen 2017; Art. 42 VO (EU) 600/2014; Art. 37(4) CySEC-Gesetz
Action
Other
Status of proceedings
final
Sector
Financial services and insurance
Published
11 Nov 2025
Sources

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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 USAOrganisational requirements €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.

What organisations can take from it

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.

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13 Jan 2025 BMO Capital Markets Corp.BMO Capital Markets: 40.7 million USD – inadequate supervision of bond desk USAOrganisational requirements €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.

What organisations can take from it

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.

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12 Dec 2024 Leonteq AG (Finanzgruppe Leonteq)Leonteq: distribution via unregulated partners – confiscation of 9.3 million CHF in profits SwitzerlandOrganisational requirements €9.98m

The Swiss Financial Market Supervisory Authority (FINMA) found serious breaches of risk management obligations and of the requirement to guarantee irreproachable business conduct: the financial group monitored its distribution chain inadequately and in some cases worked with dubious, unregulated distributors that sold products in countries not intended for them without authorisation. FINMA ordered governance requirements, the termination of these relationships, the appointment of an audit agent and the confiscation of 9.3 million CHF in profits; the ruling was not yet final at the time of publication.

What organisations can take from it

Anyone who distributes via third parties is liable for their regulatory status – sales partners require due diligence just like customers.

Authority / court
Eidgenössische Finanzmarktaufsicht (FINMA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Finanzmarktaufsichtsgesetz (FINMAG)
Action
Disgorgement of profits
Status of proceedings
unknown
Sector
Financial services and insurance
Mitigating circumstances
Good cooperation in the proceedings; Leonteq had already strengthened compliance and distribution controls of its own accord and terminated relationships with suspicious distributors

Original amount 9,300,000 CHF, converted at the ECB reference rate of 12 Dec 2024.

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26 Nov 2024 Macquarie Bank Limited, London BranchMacquarie Bank London: 13 million GBP – trader concealed over 400 fictitious trades United KingdomOrganisational requirements €15.6m

From June 2020 to February 2022, a trader on the metals and commodities desk was able to book over 400 fictitious trades and circumvent three key internal controls in order to conceal losses; the bank was partly aware of the weaknesses but did not remedy them in time. Unwinding the positions cost around 57.8 million USD; the Financial Conduct Authority (FCA) imposed 13 million GBP on the bank and banned the trader Travis Klein.

What organisations can take from it

Close known control weaknesses in trading with a deadline and a responsible person – otherwise a lone perpetrator becomes an organisational failure.

Relevance to training and awareness

Recognising and reporting circumvention of controls in trading

Authority / court
Financial Conduct Authority (FCA)
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
FCA Principles for Businesses, Principle 3 (Systeme und Kontrollen); s. 206 Financial Services and Markets Act 2000
Action
Fine
Status of proceedings
final
Sector
Financial services and insurance
Employees
10,000 or more
Liability of senior managers
Prohibition order imposed on the trader; no fine imposed on him on grounds of serious financial hardship.

Original amount 13,031,400 GBP, converted at the ECB reference rate of 26 Nov 2024.

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6 Nov 2024 Deželna banka Slovenije d. d.Deželna banka Slovenije: 90,000 EUR for deficient credit risk provisioning SloveniaOrganisational requirements €90,000

From 2018 to mid-2023, the bank had no adequate policies for impairments and provisions under IFRS 9 and the EBA guidelines on credit risk. Banka Slovenije (Bank of Slovenia) imposed 90,000 EUR on the bank and 2,500 EUR each on the chair of the management board and a board member.

What organisations can take from it

In Slovenia, governance deficiencies in risk management are also sanctioned personally against board members.

Authority / court
Banka Slovenije
Area of law
Capital markets and financial supervision · Organisational requirements
Legal basis
Art. 171, Art. 396 Abs. 1 Nr. 19 ZBan-3
Action
Fine
Status of proceedings
final
Sector
Financial services and insurance
Liability of senior managers
Fines of 2,500 EUR each on the chair of the management board, Marko Rozman, and the board member Barbara Cerovšek Zupančič.
Sources

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