On 13 October, AMF issued report on longer-term equity investments. Study on psychological blocks many savers have considering equity investments. AMF qualitative study, found misconceptions on equities were deeply entrenched. An in-depth learning approach is needed to establish long-term investor reflexes. To incite investors to diversify their savings without ruling out equity investments. AMF propose…
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U.S. and France Terror Financing
On 12 October, US and French Treasuries issued actions on terror financing. Meeting of US Treasury Secretary Mnuchin, and French Finance Minister Le Maire. Agreed measures to strengthen cooperation in the fight against terrorist financing. Sanctions Noted key role that targeted sanctions play in the fight against terrorist financing. Agreed to make full use of…
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Hong Kong HKMA Customer Address AML
On 11 October, HKMA, SFC issued AML guidelines on address verification. HKMA has been reviewing its anti-money laundering and counter-terrorism guidelines. Has agreed to remove the address verification requirement currently in the AML guide. FIs will only be required to collect address information without documentary evidence. For now absence of verification of address will be…
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Hong Kong SFC Bans Investment Consultant for Code of Conduct
On 11 October, the SFC banned Xu Tao for four months for code of conduct. Mr Xu Tao, a former investment consultant of China International Capital Corporation Hong Kong Securities Limited (CICC), banned for four months from 11 October 2017 to 10 February 201 Xu used his mobile phone and WeChat messaging application to accept…
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U.S. SEC Charged Michael Scronic with Fraud
On 5 October, SEC charged Scronic for IA Ponzi-like scheme. SEC charged Scronic for alleged lying to retail investors. Ponzi-like scheme of Falsifying Options Value. 42 friends and acquaintances lost over $21 Million. Scronic alleged scheme operated between 2010 -2017. SEC’s NY ARD Mehraban said, “Investors should be wary of complex, hard to understand investment…
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Netherlands AFM Investment Firm AML
On 3 October, AFM issued rules on investment institutions risks of AML. Concern of managers/administrators of investment institutions facing AML/CTF risk. AFM asked administrators what they do to prevent becoming involved in laundering. Concluded that compliance with laws needed to be improved for a number of areas. Monitoring Prevention AFM and DNB supervises AML, Financing…
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