UK FSA targets transaction reporting failures

The UK Financial Services Authority (FSA) has fined Société Générale (SG) for failures in transaction reporting – the sixth bank to have received such a fine since August 2009.

The UK branch of the French bank is required to pay a financial penalty of £1.58 million. The original fine was set at £2.25 million but SG was eligible for a 30% discount under the FSA's early settlement scheme.

The large size of the fine was due to the scale of the bank's transgressions – it failed to submit accurate

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