March 2021 Regulatory Updates
Regulatory Actions and Updates from Around the Globe
Enforcement Highlights – March 2021
United States:
- The SEC charged the founder of San Francisco-based biotech company uBiome for defrauding investors out of USD $60 million with false claims of the company’s successful business model and track record.
- The SEC charged 7 individuals and tech company Airborne Wireless Network with running a fraudulent fundraising scheme that generated nearly USD $45 million.
- The SEC charged private investor George Heckler for running a decade-long scheme defrauding investors of over USD $90 million through two private hedge funds.
- The SEC charged Seth P. Levine, owner of real estate firm Norse Holdings, LLC, that defrauding at least 60 people out of millions based on false and misleading claims about real estate investments.
- The SEC took action against California-based stock trader Andrew L. Fassari (known as @OCMillionaire on Twitter) for a $900K fraudulent Twitter scheme for a now-defunct cannabis company.
United Kingdom:
- The Financial Conduct Authority (FCA) fined over £530,000 24 Hour Trading Academy for giving unauthorized trading advice via Whatsapp to consumers.
- The FCA fined experienced trader Mr. Adrian Geoffrey Horn £52,500 for executing trades with himself (“wash trading”) and prohibited him from participating in regulated activities.
Hong Kong:
- The Securities and Futures Commission of Hong Kong fined Yardley Securities Limited $5 million for failing to comply with AML/CFT regulatory requirements while handling third-party fund transfers.
- SFC reprimanded and fined Sino-Rich Securities & Futures Limited $7.2 million for failures in complying with AML/CFT regulatory requirements when handling cash deposits and third-party fund transfers.
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 Impact of Neobanks on AML and KYC Compliance: Ensuring Security in a Decentralized Era
As global financial institutions collectively face the reality of managing a consumer base that has aggressively adopted an increasingly digital presence, traditional banks are also facing a rising challenge in competing against a rapidly decentralizing model of...
Implementing Client Due Diligence in Credit Unions: Protecting Members and Ensuring Compliance
The evolving financial and political climate of 2023 and a post-pandemic market have left financial institutions and credit unions facing unique challenges as they navigate the new and growing risks associated with conducting business in an increasingly digital world....
Safeguarding Society: How Customer Due Diligence Helps Prevent Global Crime
With the economy facing increasingly challenging times and banking institutions having to contend with a sharp increase in digital users over the past few years, the threat of cybercrime, specifically in the financial sector, is at an all-time high. At its core, the...