January 2021 Regulatory Updates
Regulatory Actions and Updates from Around the Globe
Enforcement Highlights – January 2021
United States:
- The Securities and Exchange Commission (SEC) charged online entertainment and live streaming company Vuuzle Media USD $14 million for securities fraud.
- Fund manager at MG Capital Management real estate fund was charged by the SEC with misappropriating $7 million from retail investors.
- The SEC charged Deutsche Bank AG with violations of the Foreign Corrupt Practices Act (FCPA) due to a lack of sufficient internal accounting controls. The bank agreed to pay $43 million in disgorgement and interest.
Germany:
- BaFin imposed a EUR 282,500 fine on SLEEPZ AG e-commerce group for failing to comply with financial reporting requirements.
Hong Kong:
- The Securities and Futures Commission (SFC) has issued restriction notices to five brokers to freeze client accounts related to suspected market manipulation.
Regulatory Updates
Austria:
An Austrian startup building an app for trading in security tokens became the first fintech company to be admitted to Austria’s Financial Market Authority (FMA) regulatory sandbox.
***
FMA announced that it has granted registration to 18 virtual asset providers since tightening anti-money laundering regulations in January 2020.
Past events:
Mergers & Acquisitions – The Future of Enhanced Due Diligence
Missed our January 2021 Fireside Chat? Watch the full event where guest panelists discuss the trends for enhanced due diligence within mergers and acquisitions for both buyers and sellers, and the importance that proper due diligence plays in successful M&A transactions.
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.
WHAT ARE THE 3 STAGES OF MONEY LAUNDERING AND HOW CAN AML CHECKS COMBAT FRAUD?
Money laundering is a complex process used by criminals to disguise the origins of illegally obtained money. Understanding the three stages of money laundering is essential for implementing effective Anti-Money Laundering (AML)...
IDENTITY VERIFICATION WITH LIVENESS DETECTION: THE KEY TO PREVENTING SPOOFING ATTACKS
In the digital age, identity verification has become a cornerstone of security for financial institutions and businesses. However, traditional methods are increasingly vulnerable to spoofing attacks, where fraudsters use fake or...
SOURCE OF FUNDS | A CRITICAL STEP IN MITIGATING THE RISK OF MONEY LAUNDERING
Identifying the source of funds is a crucial step in mitigating the risk of money laundering. By understanding where money originates, financial institutions can better assess the legitimacy of transactions and prevent illicit...