Bastion Capital London fined UK£2.45m over financial crime control failings around cum-ex trading

Bastion Capital London Limited (in liquidation), a securities broker, was ordered, on 12 July 2023, to pay a UK£2,452,700 penalty by the UK Financial Conduct Authority over serious flaws in its financial crime controls that allowed a set of clients to conduct trades enabling withholding tax reclaims in Denmark and Belgium to which they were not entitled.

Bastion Capital London Limited (in liquidation), a securities broker, was ordered, on 12 July 2023, to pay a UK£2,452,700 penalty by the UK Financial Conduct Authority (FCA) over serious flaws in its financial crime controls that allowed a set of clients to conduct trades enabling withholding tax reclaims in Denmark and Belgium to which they were not entitled.