Goldman Sachs will pay $7 million to settle federal regulators' civil charges that its futures brokerage business failed to diligently supervise activity in trading accounts from mid-2007 through 2009.

The Commodity Futures Trading Commission says it reached the settlement with the big Wall Street bank, which agreed to pay a $5.5 million civil fine and $1.5 million in restitution. Goldman also said it has made changes in its supervision policies, procedures and training to prevent a recurrence.

The division, Goldman Sachs Execution & Clearing, failed to investigate signs of questionable conduct by an unnamed brokerage firm that was one of its clients, the CFTC said. Goldman received about $1.5 million in fees and commissions for transactions it made for the brokerage firm, according to the agency.