Mako Financial Markets pays UK£1.7m after financial crime controls miss cum-ex trading

In the last of eight enforcement actions linked to fraudulent cum-ex trading, where more than one party reclaims withholding tax on share dividends, the UK Financial Conduct Authority (FCA) has imposed a UK£1,622,700 (US$2,044,455) financial penalty on Mako Financial Markets Partnership LLP.

In the last of eight enforcement actions linked to fraudulent cum-ex trading, where more than one party reclaims withholding tax on share dividends, the UK Financial Conduct Authority (FCA) has imposed a UK£1,622,700 (US$2,044,455) financial penalty on Mako Financial Markets Partnership LLP. [1]