UK BEIS issued notice of a property ownership register. UK cited world-first register stating owners of overseas companies buying property. To go live by early 2021, to crack down on criminal gangs, laundering money in UK. Property AML Since 2004, more than £180mn worth of UK property, has been under investigation. Over 75 percent of…
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ASIC Conflicts Giving Advice
On Jan. 23, ASIC issued report on conflicts in advice by larger firm's. Reported on how large financial institutions manage conflicts of interest in advice. Findings Reviewed advice provided by five biggest vertically integrated financial institutions. Identified areas where improvement needed in management of conflicts of interest. In most cases, weightings in products recommended towards…
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U.S. FINRA Margin Investing Alert
On 18 January, FINRA issued alert on investing with borrowed money. Re-issued alert as investors may underestimate risk of margin trading and calls. Investor purchases of securities "on margin" averaged $592bn, up to Nov. 2017. Purchases exceeded the $600 billion mark in Oct. 2017, for first time in history. Warn investors of potential margin calls…
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U.S. Fed Taiwanese Bank AML Fine
On Jan. 17, Fed fined Mega Int. Commercial bank $29mn for AML. Taipei, Taiwan, based bank breached US AML regulations, and was fined $29mn. Taiwan FSC asked bank to fully explain to Fed, its efforts to enhance compliance. Findings Followed Fed review of bank's branches in New York, Chicago, and Silicon Valley. US bank operations…
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Hong Kong – Courts Find no Evidence in Insider Dealing
The Eastern Magistrates’ Court today found that Mr Lam Yik Tung, a former employee of BNP Paribas Capital (Asia Pacific) Limited, and his friends – Mr Chan Lit Chun and Mr Anson Mui Ka Leung – were not guilty of insider dealing in the shares of Integrated Distribution Services Group Limited (IDS) in 2010 (Notes 1…
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UK FRC Collapse of Carillion
On Jan. 15, FRC issued actions on impact of Carillion collapse. FRC is actively monitoring situation, contact with other relevant regulatory bodies. Possess power to investigate accountants and circumstances relating to the audit. Obliged to follow due process, will make further statement on this matter shortly. Pensions Meeting Concerns raised over its £587mn pensions deficit,…
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