Firm failed to put effective arrangements in place to detect and report suspicious transactions, Central Bank said
Cantor Fitzgerald Ireland breached regulations by failing to put effective governance arrangements in place to detect and report suspicious transactions or orders that may indicate market abuse, the Central Bank said. Photograph: Alan Betson / The Irish Times
The firm also failed to consistently escalate suspicious transactions internally for a period of more than six years between March 2017 and June 2023. Cantor has admitted to the breach, it said. The long-time head of the wider Cantor Fitzgerald Group, Howard Lutnick, was confirmed last week as the Mr Trump’s secretary of commerce. He stepped down as chairman and chief executive of the US-based group as a result, having led the business for four decades and rebuilt it after losing 658 of its 960 New York-based employees in the terrorist attacks on September 11th, 2001.
The investigation also found that a STOR Committee that Cantor Fitzgerald had set up in 2012 had applied “unsound rationales and criteria” in assessing orders and trades. “The STOR Committee also demonstrated unsound reasoning into deciding against reporting to the Central Bank, such as concluding that the client would have invested a higher amount if he possessed inside information.”
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