October 2020 Regulatory Updates
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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The ICO Exchange: Fraud, Scam, or Bigger Than The Beatles? – Medium
If you haven’t yet read the piece from our CEO and founder, Matthew Unger, we recommend you do so tonight! Less than a 10-minute read, you’ll learn about the emergence of ICOs and whether or not this is a fad or a force with which to be reckoned. The ICO Exchange:...
Qayyum “Q” Rajan Latest Addition to iComplyICO Team
We are thrilled to announce that Qayyum Rajan has joined the powerhouse team at iComplyICO! Qayyum Rajan, or Q as he is better known among friends and colleagues, was born in Vancouver and raised in Kenya. He returned to Vancouver when he was 13 years old. His passion...
VCs vs. ICOs: What Model Is The Future Of Startup Fundraising? – Crunchbase
In a recent Crunchbase post, iComplyICO CEO and Founder Matthew Unger shared his thoughts on the future of funding. VCs vs. ICOs: What Model Is The Future Of Startup Fundraising? CrunchBase Author: Justin Gage ICOs have been the talk of the technology town for what...
