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November 2020 Regulatory Updates

Nov 23, 2020 | Compliance Updates, iComply Insights

Regulatory Actions and Updates from Around the Globe

Enforcement Highlights – November 2020

 

Hong Kong: The Securities and Futures Commission of Hong Kong fined Credit Suisse Securities $2.1 million for regulatory breaches resulting in failures in its electronic trading systems.

 

United Kingdom: The Financial Conduct Authority imposed a £3.44 million penalty on TFS-ICAP Ltd, an FX options broker, for communicating misleading information to clients.

 

USA: The Securities and Exchange Commission of the United States charged Benja Inc., a San Francisco-based e-commerce startup, with defrauding investors, providing forged contracts and bank statements.

 

USA: The SEC filed actions against three investment advisory firms whose failure to implement written policies and procedures resulted in violations of the Investment Advisers Act in connection with sales of complex exchange-traded products.

 

Past events: Navigating the Complexities of Beneficial Ownership – The Challenges of UBO Due Diligence

Watch the recording of our most recent webinar breaking down the challenges and solutions to the Ultimate Beneficial Owner due diligence.

Legal Entity Customer Due Diligence

What is a legal entity in terms of compliance? Learn more about how due diligence helps financial institutions understand the relationships, risks, and obligations of a legal entity in our most recent Regtech Glossary post.

 

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iComply Outlines Vision of a Trusted Digital Ecosystem in Newly Released White Paper
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
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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
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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...