Violation Tracker Individual Record

Company: 
Goldman Sachs Group Inc.
Current Parent Company: 
Goldman Sachs
Penalty: 
$54,750,000
Year: 
2018
Date: 
May 1, 2018
Offense Group: 
competition-related offenses
Primary Offense: 
foreign exchange market manipulation
Violation Description: 

Goldman Sachs Group Inc., parent company of Goldman Sachs Bank USA, agreed to pay a $54,750,000 fine as part of a consent order with the New York State Department of Financial Services for violating New York banking law, including improperly sharing customer information with other global banks, and other unlawful conduct that disadvantaged customers and potentially affected foreign exchange prices. The violation stemmed from an investigation by DFS determining that from 2008 to early 2013, Goldman engaged in unlawful, unsafe and unsound conduct by failing to implement effective controls over its foreign exchange business.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Department of Financial Services
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.