Regulatory Actions and Updates from Around the Globe

Enforcement Updates – October 2020

International: Regulators in the United States, Hong Kong, and the United Kingdom charged Goldman Sachs for deficiencies in its compliance and AML controls that led to multi-billion misappropriation of funds in a 1MDB bond offering underwritten by the firm in 2012 and 2013. Goldman Sachs agreed to pay over $3 billion in fines to the SEC, SFC, and FCA.

United States: The Commodity Futures Trading Commission filed a civil enforcement action charging the BitMEX trading platform with failure to implement required KYC/AML procedures.

United States: The Financial Crimes Enforcement Network (FinCEN) targets the founder of Helix and Coin Ninja with a $60-million fine for violating AML laws.

United States: The Securities and Exchange Commission charged a Houston-based seismic data company with an accounting fraud that inflated the company’s revenue by approximately $100 million.

United States: The SEC fined Israel-based day-trading education firm $130,000 for selling security-based swaps to over 5,000 retail investors without registration.

United Kingdom: The Financial Conduct Authority censured Aviva plc insurance company for listing and transparency rules breaches.

Expert Insights

FCA Research Reveals 1.1 Million Spike in Cryptoasset Buyers

Oct 13, 2020  |  In our October Expert Insight series, Denisse Rudich of Rudich Advisory reviews the FCA’s recent findings on the growth of the cryptoassets industry in the UK and potential regulatory changes.

October’s Regtech Theme: UBO Due Diligence

Identifying and verifying an Ultimate Beneficial owner (UBO) of the company you are doing business with is a crucial requirement of corporate due diligence.

What are UBOs? How can you make sure they are not involved in money laundering or terrorist financing, and comply with AML regulations?

Learn more in the recent iComply Glossary article: Ultimate Beneficial Owner due diligence.

Upcoming Events

Fireside Chat: Navigating the Complexities of Beneficial Ownership

Date: Thursday, November 26, 2020 | 10am PST – 1pm EST – 7pm CET

Curious about the challenges and importance of beneficial ownership and proper due diligence?

Join our live November fireside chat, “Navigating the Complexities of Beneficial Ownership: The Challenges of UBO Due Diligence.“

learn more

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