Goldman Sachs to Pay $6 Million Penalty for Providing Deficient Trade Data to SEC Over 10 Years

Goldman Sachs agreed to pay $6 million penalty to SEC for providing deficient blue sheet data over 10 years.
Goldman made over 22,000 deficient blue sheet submissions containing missing or inaccurate trade data for 163 million transactions.
Deficiencies due to 43 different types of errors in Goldman's processes to verify accuracy.
Goldman admitted findings and agreed to be censured.
Goldman conducted review of reporting program, self-reported 29 of 43 error types, and enhanced controls.

sec.gov

Relevant topic timeline:

9/13/2023

Goldman Sachs Fires Executives for Policy Violations in Transaction Banking Unit

Goldman Sachs fires multiple executives in its transaction banking unit for violating the firm's communications policy and failing to cooperate with the compliance department.

9/28/2023

SEC Nears Deals With Dozens of Firms Over Unauthorized Messaging

The U.S. Securities and Exchange Commission (SEC) is finalizing settlements with around two dozen Wall Street firms to resolve investigations into record-keeping lapses, with fines potentially reaching $50 million per firm, as part of the SEC's crackdown on the use of unapproved messaging apps.

10/9/2023

Big Banks Fined $53 Million for Failing to Report Derivatives Data

JP Morgan Chase, Bank of America, and Goldman Sachs have been fined by the Commodity Futures Trading Commission (CFTC) for failing to properly report millions of transactions in the swaps market, with Goldman Sachs receiving the biggest penalty of $30 million due to "unprecedented failures" in swap data reporting.