The Royal Bank of Scotland (RBS) has been fined £5,620,300 by the Financial Conduct Authority (FCA) for incorrectly reporting transactions made in wholesale markets.
According to the FCA, RBS failed to properly report approximately 44.8 million transactions made between November 2007 and February 2013.
The bank also failed to report 804,000 transactions made in the same period altogether.
The transactions that were both reported incorrectly and not reported at all represent 37% of relevant transactions carried out by RBS during the period, breaching FCA rules on transaction reporting and adequate management and control.
Tracy McDermott, FCA director of enforcement and financial crime said: “Effective market surveillance depends on accurate and timely reporting of transactions.
“We have set out clear guidance on transaction reporting, backed up by extensive monitoring, and we expect firms to get it right.
“As well as a financial penalty, firms can expect to incur the cost of resubmitting historically inaccurate reports. We will continue to take appropriate action against any firm that fails to meet out requirements.
“RBS agreed to settle at an early stage of the investigation, and received a 30% reduction of their fine.”
The FCA pinpointed the takeover of ABN Amro Bank N.V. in October 2007 as a source of the problem.
Mistakes included failing to properly identify the parties in a trade and using the wrong date and prices.