latest news

For the latest iComply & Global Digital Finance news.

February 2021 Regulatory Updates

Mar 2, 2021 | Compliance Updates, iComply Insights

Regulatory Actions and Updates from Around the Globe

Enforcement Highlights
– February 2021


United States

  • The U.S. Securities and Exchanges Commission (SEC) suspended trading in the securities of 15 companies due to questionable trading and social media activity targeted at artificially inflating their stock price.


  • The SEC charged an Oklahoma-based gas exploration and production company, Gulfport Energy Corporation, and its former CEO Moore, for failing to properly disclose executive perks and related person transactions.


  • The SEC charged three individuals with running a Ponzi-like scheme that raised over $1.7 billion from 17,000 retail investors through securities issued by a New York-based registered investment adviser GPB Capital.


  • FINRA fined Atlanta-based investment firm Triad Advisors $200,000 over findings that it neglected to follow proper compliance procedures when switching customers’ investments between funds.


  • The SEC’s initial fine of $5 million on two Ukrainian traders and their firm for defrauding investors was increased to $7.5 million in February 2021 by a U.S. Supreme Court judge.


  • OFAC fined BitPay, Inc., a digital currency company based in Georgia, more than $500,000 for over 2,100 international sanctions violations from multiple digital currency transactions.


United Kingdom:

  • FCA began criminal proceedings against two brothers, former Goldman Sachs and Clifford Chance employees, for fraud by false representation and insider trading.


Hong Kong:

  • The Securities and Futures Commission (SFC) reprimanded Brilliance Asset Management Limited and fined it $3.15M over failures to ensure short position reports (SPRs) for four collective investment schemes.


  • SFC prohibited 13 brokers from dealing with assets held in 54 trading accounts related to a suspected social media ramp-and-dump scam involving the manipulation of the market


Regulatory Updates


The Monetary Authority of Singapore (MAS) recently published its Technology Risk Management Guidelines with a focus on establishing robust governance to ensure cyber resilience and sound technology risk practices for those companies operating both inside and outside of Singapore.



Upcoming Events:

The New Consumer: How to Ensure Integrity
in the Virtual Economy


Join our upcoming fireside event as we discuss the rise of virtual marketplaces as the new eCommerce, and how every player in these marketplaces – from consumers to payment processors – can establish a vibrant digital ecosystem built on integrity and accountability.

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.

Is it Time For a KYC Overhaul?
Is it Time For a KYC Overhaul?

Are your organization's processes due for a KYC and regulatory compliance update? If it’s been quite some time since you’ve reviewed your Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, there is a strong chance you may be at risk for fines and...

Exploring the Importance and Challenges of KYC Protocols
Exploring the Importance and Challenges of KYC Protocols

Are your fraud prevention protocols up to date with the latest Know Your Customer (KYC) and Anti-Money Laundering (AML) standards? In 2021, there was a 43% increase in fraud and computer misuse crimes compared to 2019, indicating that economic crime is on the rise....

Assessing Customer Risk with Automated KYC and AML Software
Assessing Customer Risk with Automated KYC and AML Software

With financial crime, fraud, and money laundering quickly taking precedence as some of the most aggressively expanding forms of crime across the globe, having a risk-based approach to monitoring your current customer base, as well as verifying the identities of new...