The UK Financial Conduct Authority (FCA) has fined Arian Financial LLP £288,962.53 for failing to ensure it had effective systems and controls against financial crime.
Arian’s failure to implement adequate systems and controls against financial crime put it at risk of being used to support fraudulent trading and money laundering on behalf of clients of the Solo Group.
This is the seventh case brought by the FCA in relation to cum-ex trading and withholding tax schemes. This has involved proactive engagement with EU and global law enforcement authorities. The FCA has imposed fines of more than £22m in relation to this trading.
Arian executed purported over-the-counter equity trades of approximately £37 billion and £15 billion in Danish and Belgian equities on behalf of the Solo Group’s clients, receiving…
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