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.
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
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KYC at Scale: How U.S. Fintechs Can Stay Compliant Without Sacrificing Growth
KYC doesn’t have to slow your growth. Discover how U.S. fintechs use iComply to automate verification, protect data, and meet regulatory expectations—all while improving sign-up rates.
How EU VASPs Can Comply with the FATF Travel Rule Using KYT & Edge-Based KYC
EU VASPs face strict Travel Rule enforcement in 2025. This guide explains how to meet MiCA and FATF requirements using iComply’s KYT and KYC tools—without compromising user experience or privacy.
One Month to Go: Preparing for the UK’s Mandatory Director and PSC Identity Verification
With the UK’s mandatory identity verification for company directors and Persons with Significant Control (PSCs) set to commence in autumn 2025, businesses have one month left to prepare. This article outlines the upcoming requirements, potential consequences of non-compliance, and how to ensure readiness.
