Canadian Regulators Issue Warning for Halifax & Associates
Multiple Canadian regulators issued investor alerts against online trading platform Halifax & Associates for selling illegal securities
What Happened?
April 7, 2020: Manitoba, Nova Scotia, British Columbia, and other Canadian securities commissions have issued a warning that Denmark-based Halifax & Associates–claiming to be a cryptocurrency trading platform–has been defrauding Canadian investors. The Manitoba Securities Commission (MSC) claimed that a resident was scammed out of CAD$8,000, while the Nova Scotia Securities Commission (NSSC) notes that multiple investors in that province were defrauded.
Who Is Impacted?
Financial services providers targeting Canadian residents.
Why This Matters?
The Investor Alert helps Canadians assess the credibility of the firms they deal with, or intend to deal with. Investors who do not heed these warnings may be at risk of a total loss of capital–with no recourse for recovery–when dealing with fraudulent and unlicensed service providers operating outside of Canada’s regulatory oversight.
What’s Next?
By issuing the Investor Alert on Halifax & Associates, the NSSC has sent a clear message that these unlawful practices of promoting an unlicensed business can result in public enforcement. This alert could damage a company’s reputation in the public and create barriers to their future growth and development.
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.
Request a demo today.
2025 Outlook: Data Privacy and Security in KYB, KYC, AML Compliance
In today’s rapidly changing digital landscape, data privacy and security are more crucial than ever for compliance teams. As regulations tighten and cyber threats evolve, businesses must prioritize innovative solutions. Enter edge computing, a game-changer for KYC,...
KYB Compliance Software for Regulated Entities: Navigating Global AML Shifts
KYB requirements are tightening worldwide. This guide helps regulated firms navigate evolving AML expectations and shows how iComply streamlines compliance with secure, scalable software.
AML in Real Estate: Source of Funds, Identity, and Global Risk Controls
From complex ownership to offshore funding, real estate is high-risk for money laundering. This guide shows how iComply helps brokers, lawyers, and lenders simplify AML compliance across jurisdictions.
Nonprofit Due Diligence: How to Manage Global Compliance Without Mission Drift
Nonprofits face growing AML obligations. This guide explains how to verify donors, partners, and grantees while maintaining trust and operational focus using iComply.
