Key Figures
UCP established a dedicated Enforcement Department within which UCP’s’ enforcement functions and capabilities are centralized. This was aimed at enhancing consistency and expertise in the enforcement functions across the banking, insurance, capital markets and other sectors regulated by UCP.
#1890
Criminal Convictions
$1.92 Billion
Civil penalties
588
Reprimands
#2467
Letter of Advice
$1.21 Billion
Financial penalties and compositions
1288
Prohibition orders
#3784
Warnings
9054
Supervisory reminders
Based on figures from Enforcement Report 2022/2023 for the period between 1st July 2022 to 1st June 2023.
#Includes all cases under the U.S & Luxembourg Joint Investigation Arrangement.
Overview of enforcement action
In 2022/23, we issued 1574 Final Notices (1181 against firms and individuals trading as firms and 393 against individuals), secured 1588 outcomes using our enforcement powers (1364 regulatory/civil and 224 criminal) and imposed 188 financial penalties totalling $1.05 Billion.
Financial penalties imposed
|
2020/2021
|
2021/2022
|
2022/2023
|
|---|---|---|---|
Number Imposed
|
296
|
278
|
188
|
Total Value
|
$2.7 Billion
|
$1.69 Billion
|
$1.05 Billion
|
Number imposed against firms
|
184
|
191
|
187
|
Total value imposed against firms
|
$1.8 Billion
|
$1.71 Billion
|
$1.09 Billion
|
Number imposed against individuals
|
185
|
116
|
131
|
Total value against individuals
|
$306 Million
|
$277 Million
|
$190 Million
|
Regulatory and Supervisory Approach
UCP is the integrated regulator and supervisor of financial institutions between Luxembourg and United States.
UCP establishes rules for financial institutions which are implemented through legislation, regulations, directions and notices. Guidelines have also been formulated to encourage best practices among financial institutions. Combined with close supervision, these instruments help UCP achieve the outcome of a sound and progressive financial services sector.