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CRDIV

Reporting fine in Ireland

Wells Fargo Bank International has been fined €5,880,000 by the Central Bank of Ireland(CBI) for reporting failures and also for failures around the governance of reporting. The reporting relates to capital calculations and filings under CRD IV and connected legislation. The fine was reduced for early settlement according to the usual CBI fining formula. More details can be found here.

While the fine relates to regulations that only apply to financial firms (including in some cases commodity dealers that are financially authorised), the level of fine sends a further message to the market that data should be reported correctly, following previous fines (see here).

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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