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Investment Firm Fined $2.9 Billion for Oversight Failures

An investment firm was fined $2.9 billion by several domestic and foreign authorities, including the Federal Reserve Board, the DOJ, the SEC, the Financial Conduct Authority and the Bank of England Prudential Regulation Authority, for its failure to (i) properly oversee its operations, (i) maintain internal controls and (iii) conduct proper risk management, with regard to its employees' involvement in improper payments to foreign officials.

Primary Sources

  1. FRB Press Release: Federal Reserve Board fines the Goldman Sachs Group, Inc. $154 million for failure to maintain appropriate oversight, internal controls, and risk management with respect to 1Malaysia Development Berhad (1MDB)
  2. FRB Order: The Goldman Sachs Group, Inc.
  3. DOJ Press Release: Goldman Sachs Charged in Foreign Bribery Case and Agrees to Pay Over $2.9 Billion
  4. SEC Press Release: SEC Charges Goldman Sachs With FCPA Violations
  5. SEC Order: The Goldman Sachs Group, Inc.
  6. BoE Press Release: FCA and PRA fine Goldman Sachs International £96.6 million for risk management failures in connection with 1MDB
  7. BoE Final Notice: Goldman Sachs International (GSI)
  8. FCA Final Notice: Goldman Sachs International (GSI)

Tags

Regulated Activities
Operations Risk Management Supervision / Compliance Regulatory Reporting Criminal Activity
Sub-Activity
Internal Controls on Financial Reporting, Fraud
Regulated Entities
Banking Entities Banking Organizations
Body of Law
Banking Law
Jurisdiction
US - Federal
Impacted Foreign Jurisdiction
Malaysia
Organization
SEC Non-U.S. Regulators Other Author Organizations US Banking Regulators
Sub-Author
Bank of England, Financial Conduct Authority, DOJ, Federal Reserve Board