March 2021 Regulatory Updates
Regulatory Actions and Updates from Around the Globe
Enforcement Highlights – March 2021
- The SEC charged the founder of San Francisco-based biotech company uBiome for defrauding investors out of USD $60 million with false claims of the company’s successful business model and track record.
- The SEC charged 7 individuals and tech company Airborne Wireless Network with running a fraudulent fundraising scheme that generated nearly USD $45 million.
- The SEC charged private investor George Heckler for running a decade-long scheme defrauding investors of over USD $90 million through two private hedge funds.
- The SEC charged Seth P. Levine, owner of real estate firm Norse Holdings, LLC, that defrauding at least 60 people out of millions based on false and misleading claims about real estate investments.
- The SEC took action against California-based stock trader Andrew L. Fassari (known as @OCMillionaire on Twitter) for a $900K fraudulent Twitter scheme for a now-defunct cannabis company.
- The Financial Conduct Authority (FCA) fined over £530,000 24 Hour Trading Academy for giving unauthorized trading advice via Whatsapp to consumers.
- The FCA fined experienced trader Mr. Adrian Geoffrey Horn £52,500 for executing trades with himself (“wash trading”) and prohibited him from participating in regulated activities.
- The Securities and Futures Commission of Hong Kong fined Yardley Securities Limited $5 million for failing to comply with AML/CFT regulatory requirements while handling third-party fund transfers.
- SFC reprimanded and fined Sino-Rich Securities & Futures Limited $7.2 million for failures in complying with AML/CFT regulatory requirements when handling cash deposits and third-party fund transfers.
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.
iComply Outlines Vision of a Trusted Digital Ecosystem in Newly Released White Paper
iComply’s white paper, “The Importance of Digital Identity in the Modern World,” delves into the challenges of our current digital identity landscape, presents an optimistic vision for the future, and outlines our mission to create a trusted, secure digital ecosystem. This document is a must-read for anyone invested in shaping a future where every transaction is secure, private, and compliant.
Travel Rule Facts: What to Know About FATF’s Recommendation 16
Are you aware of the key details pertaining to the Financial Action Task Force (FATF)’s Travel Rule? As a relative newcomer into the global securities and digital legislation field, the Travel Rule—also referred to as “FATF Recommendation 16”—has garnered significant...
EDD In Review: Taking A Brief Look at Enhanced Due Diligence
Are your Enhanced Due Diligence (EDD) protocols up to the task of mitigating risk in an increasingly digital world? With Interpol’s new Global Crime Trend report strongly indicating that money laundering, phishing, and online scams pose a significant risk to...