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.
KYB: Safeguarding Your Business, Enhancing Efficiency, and Ensuring Compliance
Today’s business landscape is facing unprecedented challenges and a fast evolving tech world that highlights the need for advancing security measures. Know Your Customer and Know Your Business (KYC/KYB) protocols have become an necessity for enhancing security,...
Why KYC Matters in the Digital Age
With today’s business and financial markets increasingly facing the challenge of keeping up with a rapidly evolving digital world, knowing who you’re dealing with and how to protect sensitive data and assets from being accessed by fraudulent users is essential. Know...
Biometric Verification: Strengthening Due Diligence and Protecting Identities
In today's digital world, streamlined and reliable identity verification is essential for compliance and the protection of vulnerable persons, as well as safe business practices. From validating users conducting financial transactions to ensuring that sensitive...