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Convicted former UBS trader Kweku Adoboli has been formally banned from working in the financial services industry.

Kweku Adoboli, 35, was jailed for seven years in 2012 for fraud.

UK’s Financial Conduct Authority (FCA) said it had banned Kweku Adoboli, who was released from jail earlier this year.

His actions resulted in losses of £1.4 billion ($2.2 billion) for the Swiss bank, the FCA said.

UBS was fined £29.7 million ($47.5) for systems and control failures related to the unauthorized trading losses.Kweku Adoboli UBS trader ban

Kweku Adoboli said the ban marked the end of a difficult chapter in his life.

“I fully recognize the reasons for my prohibition and thank the FCA for their restraint. My hope now is to move forward in a positive way to help others learn from the mistakes I’ve made,” he said.

Kweku Adoboli’s lawyer said he wanted to repay his debt to society by using his own experience to explain how risk management controls might be avoided.

The rogue trader was arrested in September 2011 and was held in custody for nine months until his trial.

After serving almost half of his sentence for two counts of fraud, Kweku Adoboli was released from jail in June 2015.

During his trial at Southwark Crown Court, Kweku Adoboli told the jury that UBS staff were encouraged to take risks until they got “a slap on the back of the wrist” by senior managers.

Tracey McDermott of the FCA’s predecessor, the Financial Services Authority, said in 2012 that the bank’s faulty controls had allowed Kweku Adoboli’s losses to mount to what was the largest trading loss in the UK.

“UBS’s systems and controls were seriously defective,” she said.

“As a result, Adoboli, a relatively junior trader, was allowed to take vast and risky market positions, and UBS failed to manage the risks around that properly.”

He is facing deportation to his native Ghana after an immigration tribunal this week ruled that he should be removed from the UK.

According to the UK’s law, foreign nationals who have been sentenced to more than a year in jail should be considered for deportation.

Kweku Adoboli, the son of a UN diplomat who was educated at a Yorkshire boarding school, said he would appeal against the “heartbreaking” decision.

British bank Standard Chartered has agreed a $340 million settlement with New York regulators that accused it of hiding $250 billion of transactions with Iran.

The hearing that had been scheduled for Wednesday has now been adjourned.

Standard Chartered’s chief executive Peter Sands has been in New York negotiating with the regulators.

It had admitted that some of its transactions did break US sanctions, but said that the amount totaled just $14 million.

“The New York State Department of Financial Services (DFS) and Standard Chartered Bank have reached an agreement to settle the matter raised in the DFS order dated August 6, 2012,” a statement from the regulator’s superintendent said.

“The parties have agreed that the conduct at issue involved transactions of at least $250 billion.”

Standard Chartered has agreed a $340 million settlement with New York regulators that accused it of hiding $250 billion of transactions with Iran

Standard Chartered has agreed a $340 million settlement with New York regulators that accused it of hiding $250 billion of transactions with Iran

A short statement from Standard Chartered simply confirmed a settlement of $340 million had been reached.

“A formal agreement containing the detailed terms of the settlement is expected to be concluded shortly,” it added.

The bank also said it continued to “engage constructively” with other US authorities.

According to the terms of the settlement, Standard Chartered will pay a “civil penalty” of $340 million to the DFS.

It will also install a monitor for at least two years who will evaluate money-laundering controls at the bank’s New York branch and report directly to the regulator.

“In addition, DFS examiners shall be placed on site at the bank,” the statement said.

Finally, the settlement provided for permanent staff at the bank’s New York office to audit any money-laundering controls.

The $340 million was a “hefty penalty, but nothing like as hefty as it could have been” if the two parties had not negotiated a settlement. The DFS had, for example, talked of revoking Standard Chartered’s New York banking licence.

Last week, New York’s DFS alleged that the US unit of the bank had illegally hidden 60,000 transactions with Iran worth $250 billion over nearly a decade.

It accused the London-based bank of being a “rogue institution” for breaking US sanctions against Iran.

Peter Sands said at the time that he was “completely surprised” by the ferocity of the DFS’s attack, which he described as “disproportionate”.

He did, however, admit that 300 transactions did break US sanctions.

“This was clearly wrong and we are sorry that they happened,” Peter Sands said.