April 2021 Regulatory Updates
Regulatory Actions and Updates from Around the Globe
Enforcement Highlights – April 2021
United States:
- The SEC awarded over USD $3 million to two whistleblowers who brought to light key issues and violations to help improve SEC’s ongoing compliance efforts.
- SEC filed charges against 8 companies for failing to disclose complete reporting information on required Form 12b-25 filings.
- The SEC charged fund manager and former race car team owner Andrew T. Franzone with multimillion-dollar investment fraud and misappropriation scheme.
- The SEC filed charges against Spot Tech House Ltd., a binary options trading platform, and two of its top executives with defrauding investors out of more than USD $100 million through unregistered online sales.
- The SEC charged seven individuals with defrauding investors out of more than USD $16 million through an oil-and-gas market manipulation scheme.
United Kingdom:
- The Financial Conduct Authority (FCA) commenced criminal proceedings against 2 individuals for conducting unauthorized regulated business activities in the UK.
- The FCA banned and fined UK financial adviser Simon Varley £68,300 for providing unqualified, dishonest financial advice to retail customers.
Hong Kong:
- The Securities and Futures Commission (SFC) fined Optimas Capital Limited $1.05 million over multiple failures with their short position reporting processes.
- The Market Misconduct Tribunal (MMT) sanctioned two former executives of Asia Telemedia Limited (ATML), now known as Yunfeng Financial Group Limited, for insider dealing.
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.
The Power of AML Monitoring Tools: Strengthening Compliance and Security
In the high-stakes world of finance, the battle against money laundering and financial crimes is relentless. For businesses, the threat of illicit activities isn't just a regulatory concern—it's a significant risk to their reputation and bottom line. Anti-Money...
Top 10 Features of Effective AML Compliance Software: An Expanded Guide
In today's digital age, the threat of money laundering and financial crimes is more significant than ever. Financial institutions and businesses must be equipped with robust Anti-Money Laundering (AML) compliance software to detect and prevent illicit activities. But...
Understanding KYC Platform Integration: What It Is and How to Achieve It
Navigating the world of regulatory compliance can often feel like trying to find your way through a maze. For businesses, particularly those in the financial sector, integrating a Know Your Customer (KYC) platform is a strategic necessity that simplifies this journey....