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.
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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.
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Centralized Digital Identity and ID “Phone Home” Privacy Alarms
As digital ID systems expand globally, centralised platforms like One Login and Aadhaar raise major concerns about privacy, data security, and surveillance. This article explores the risks of identity systems that phone home and how iComply’s decentralised identity verification solution offers a more secure and compliant path forward.
How to Do a KYC Refresh the Right Way
KYC refresh is a critical part of ongoing due diligence. This guide explains how to build an efficient, risk-based KYC refresh strategy using identity verification tools to improve compliance, customer experience, and operational performance.
Accelerating Ultimate Beneficial Ownership Discovery with KYB Compliance Software
Beneficial ownership discovery doesn’t need to be slow or manual. This article explores how firms can use advanced KYB software to comply with UBO requirements from AUSTRAC, FCA, FinCEN, and the EU AMLA – while improving customer satisfaction and operational efficiency.
