Last month the Financial Conduct Authority (FCA) published a Decision Notice that has been issued to Carlos Ricardo Fuenmayor, the CEO and sole controller of BancTrust Investment Bank Limited (BancTrust), imposing a financial penalty of £99,600 in connection with his failure to disclose to the FCA: (i) that, in 2017, he had become the subject of an investigation by the US Financial Industry Regulatory Authority (FINRA); (ii) the sanction imposed on him by FINRA in 2019 following that investigation; and (iii) that, in 2019, the Venezuelan National Financial Intelligence Unit had frozen bank accounts belonging to him, his Venezuelan companies and the directors of those companies. Mr Fuenmayor is challenging the decision by referring it to the Upper Tribunal.
For the key takeaways from this case, as well as the key findings, please see our latest Notice in a Nutshell briefing here. All of our publications in this series can also be found here.