FCA fines Mako Financial Markets Partnership £1,662,700 for failing to ensure it had effective systems and controls to guard against financial crime, specifically related to cum-ex trading activities

Mako executed £92.2bn in circular equity trades on behalf of Solo Group clients, enabling withholding tax reclaims in Denmark and Belgium, earning £1.45m in commission. The FCA’s investigation, its eighth and final into cum-ex trading, resulted in over £30m in fines, with Mako receiving a reduced penalty for settling. Mako also failed to conduct due diligence on payments from a UAE-based third party, heightening money laundering risks…