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.
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Where?
by authority- Conselho Administrativo de Defesa Econômica (CADE), Tribunal Administrativo €12.7m 100 % · 1 case
What for?
by area of lawAll areas of law
Who?
by company- Bulls Holding Investments Company S.A., RS Investimentos S/A €81.5m 54 % · 1 case
- Florim Consultoria Ltda. (ehem. Silverado Gestão e Investimentos), Santander Caceis Brasil DTVM S.A., Gradual CCTVM S.A. – Massa Falida u. a. (5 Unternehmen) €41.2m 27 % · 1 case
- BofA Securities Inc., Nomura International plc, Standard Chartered Bank u. a. (5 Banken) €12.7m 8 % · 1 case
- Qualicorp Consultoria e Corretora de Seguros S.A. €7.15m 5 % · 1 case
- Banco Genial S.A. €3.62m 2 % · 1 case
- Banco Topázio S.A. €2.82m 2 % · 1 case
- IRB-Brasil Resseguros S.A. €1.07m 1 % · 1 case
- Lebes Financeira S.A. – Sociedade de Crédito, Financiamento e Investimento €432,774 0 % · 1 case
- Intra DTVM Ltda. €188,419 0 % · 1 case
- Regen Serviços Fiduciários Ltda. €39,713 0 % · 1 case
When?
per quarter, by date of decision| Period | Cases | Total |
|---|---|---|
| Q4 2023 | 0 | – |
| Q1 2024 | 0 | – |
| Q2 2024 | 0 | – |
| Q3 2024 | 0 | – |
| Q4 2024 | 0 | – |
| Q1 2025 | 0 | – |
| Q2 2025 | 0 | – |
| Q3 2025 | 0 | – |
| Q4 2025 | 1 | €12.7m |
| Q1 2026 | 0 | – |
| Q2 2026 | 0 | – |
| Q3 2026 | 0 | – |
| Q4 2026 | 0 | – |
1 case
22 Oct 2025 BofA Securities Inc., Nomura International plc, Standard Chartered Bank u. a. (5 Banken)CADE: settlements with five banks in offshore FX cartel totalling BRL 79m €12.7m
On 22 October 2025 the CADE Tribunal approved, in a single block, five cease-and-desist settlements (Termos de Compromisso de Cessação, TCC) with banks and allegedly set the following pecuniary contributions: BofA Securities Inc. 33,010,207.04 BRL, Nomura International plc 32,145,917.76 BRL, Standard Chartered Bank 11,544,947.78 BRL, Credit Suisse AG 1,582,051.57 BRL and MUFG Bank 714,782.33 BRL, together 78,997,906.48 BRL. The session minutes do not state the subject of the proceedings; all five banks are, however, among the parties whose conviction the General Superintendence had recommended in April 2025 in the proceedings on the offshore foreign-exchange cartel (according to CADE, collusion on the prices of FX transactions, exchange of sensitive information and disadvantaging other market participants such as brokers). The amount and the facts have not been confirmed against the primary source.
FX traders must not coordinate prices or customers with competitors; chats between banks are a typical cartel risk.
Price-fixing and information exchange in foreign-exchange trading
- Authority / court
- Conselho Administrativo de Defesa Econômica (CADE), Tribunal Administrativo
- Area of law
- Competition law · Cartels and collusion
- Legal basis
- Lei nº 12.529/2011 (Termo de Compromisso de Cessação)
- Action
- Other
- Status of proceedings
- final
- Sector
- Financial services and insurance
- Employees
- 10,000 or more
- Liability of senior managers
- Measures against individuals are not set out here.
- Published
- 30 Oct 2025
Original amount 78,997,906.48 BRL, converted at the ECB reference rate of 22 Oct 2025.
- Diário Oficial da União, 30.10.2025, Seção 1, S. 87: Ata da 256ª Sessão Ordinária de Julgamento do CADE (22.10.2025), Punkte 9–13 Official register or notice
- Diário Oficial da União, 10.04.2025, Seção 1, S. 44: Despacho SG nº 7/2025, Processo Administrativo nº 08700.004633/2015-04 (Empfehlung der Verurteilung) Official register or notice
- CADE, 09.04.2025: Superintendência-Geral do Cade recomenda condenação de cartel do câmbio offshore Press release of an authority
Checked against the official source on 3 Oct 2026 · Direct link