Goldman Sachs Group Inc. has been fined over alleged swaps reporting failures and other violations by a US regulator.
On Friday, Goldman was ordered to pay $30 million in penalties by the US Commodity Futures Trading Commission for not “diligently” supervising its swap dealer activities, as well as for failures with regards to swap date reporting and so-called pre-trade mid-market marks.
The penalty follows an earlier $3 million fine Friday by the CFTC, which found fault with the surveillance by Goldman of a customer’s large position in an oil futures contract in late December 2017. The CFTC said that one of Goldman’s automated internal controls failed to properly suspend the transaction due to a malfunction.
Separately the CFTC also fined JPMorgan Chase & Co. $15 million and Bank of America Corp. $8 million for lapses in the reporting of millions of swap transactions.
Goldman neither admitted or denied the allegations against it in either of the CFTC cases it faced on Friday. Both JPMorgan and Bank of America admitted to the allegations as part of their settlements.
According to the CFTC, the deficiencies in Goldman’s swap dealer activities were pervasive and persisted since 2013, according to the CFTC. Although Goldman has since backreported data for over 20 million swaps, the regulator said it believes the figure “significantly underestimates” the scale of the swap data reporting failures.
Ian McGinley, the head of the CFTC’s enforcement unit, “As significant reporting failures continue to persist, our resolutions will reflect the gravity of swap dealers’ continuing failures to prioritize compliance and seek to deter future failures.”
The CFTC’s cases against Goldman come on the heels of a separate settlement by the investment bank with the Securities and Exchange Commission this week in which it agreed to pay $6 million for sending the regulator incomplete data.