The Central Bank of Ireland imposes a fine of €220, 000 on BCWM plc for Client Asset Requirement breaches
On 27 March 2018, the Central Bank of Ireland (the “Central Bank”) fined BCWM plc (the “Firm” or “BCWM”) €220,000 and reprimanded it for three breaches of the Client Asset Requirements 2007 (the “CAR”) and two breaches of the European Communities (Markets in Financial Instruments) Regulations 2007 (the “MiFID Regulations”). The breaches have been admitted by the Firm.
The Central Bank’s enforcement investigation identified failures by BCWM in respect of its arrangements for opening client asset accounts.
The breaches in this case relate to:
• the Firm’s failure to adequately designate the title of client asset accounts to clearly distinguish them as accounts holding client assets;
• the Firm’s failure to obtain the required confirmation letters from banks and custodians when opening client asset accounts to hold client funds; and
• the Firm’s f
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