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.
Top 10 Benefits of Implementing KYC Compliance Software for Your Business
Staying current with regulatory compliance is essential in today’s fast-paced financial environment. It can be a daunting task, but the right tools can make all the difference. Implementing KYC (Know Your Customer) compliance software is one of those game-changing...
iComply Investor Services Inc. Forms Strategic Partnership with Qoden to Enhance KYC Processes
Vancouver, Canada - iComply Investor Services Inc., a leader in compliance technology, is excited to announce a strategic partnership with Qoden, a premier technology company specializing in advanced trading platform solutions. This partnership is centered around...
Overcoming Challenges in Digital Identity Verification for Enhanced Security
In an increasingly digital world, verifying the identity of individuals in online networks has become an essential part of security and compliance measures. With users from all over the globe utilizing digital applications to handle their banking, asset management,...