UK Financial Conduct Authority (FCA) Fines BancTrust CEO Carlos Fuenmayor $1.3 Million (£99,600) for Failing to Disclose in BancTrust Application Forms Submissions of Investigation, Sanction & Frozen Bank Accounts by US Financial Industry Regulatory Authority & National Financial Intelligence Unit of Venezuela in 2017 & 2019
12th June 2026 | Hong Kong
UK Financial Conduct Authority (FCA) has fined BancTrust CEO Carlos Fuenmayor $1.3 million (£99,600) for failing to disclose in BancTrust application forms submissions of investigation, sanction & frozen bank accounts by US Financial Industry Regulatory Authority & National Financial Intelligence Unit of Venezuela in 2017 & 2019. Announcement (11/6/26): “Mr Fuenmayor has referred his Decision Notice to the Upper Tribunal where he and the FCA will present their cases. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised. The FCA has decided to fine Carlos Fuenmayor, the Chief Executive of BancTrust, £99,600 for failing to disclose 3 separate matters to the FCA. Mr Fuenmayor failed, until December 2021, to tell the FCA, including in application forms that he submitted on behalf of BancTrust, that he had been placed under investigation by the US Financial Industry Regulatory Authority in December 2017 and was then sanctioned by them in June 2019. He also failed to disclose that, shortly before an inspection in November 2019, the National Financial Intelligence Unit of Venezuela had frozen his local currency bank accounts, as well as those of his Venezuelan companies and their directors. The failure to disclose these issues meant that the FCA did not have the opportunity to fully consider Mr Fuenmayor’s fitness and propriety or seek further information.”
“ UK Financial Conduct Authority (FCA) Fines BancTrust CEO Carlos Fuenmayor $1.3 Million (£99,600) for Failing to Disclose in BancTrust Application Forms Submissions of Investigation, Sanction & Frozen Bank Accounts by US Financial Industry Regulatory Authority & National Financial Intelligence Unit of Venezuela in 2017 & 2019 “
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Notes:
- Read the Decision Notice for Carlos Ricardo Fuenmayor for further information.
- The FCA concluded that Mr Fuenmayor’s failures were negligent and that he breached APER Statement of Principle 4 and Senior Manager Conduct Rule 4, which requires individuals to disclose appropriately any information which the FCA would reasonably expect.
- The FCA’s Senior Managers and Certification Regime aims to reduce harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold people to account.
- The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.
UK Financial Conduct Authority (FCA) Fines BancTrust CEO Carlos Fuenmayor $1.3 Million (£99,600) for Failing to Disclose in BancTrust Application Forms Submissions of Investigation, Sanction & Frozen Bank Accounts by US Financial Industry Regulatory Authority & National Financial Intelligence Unit of Venezuela in 2017 & 2019
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