On Nov. 29, DoJ announced conviction for a $1.5bn Japan Ponzi. MRI investment company CEO, Edwin Fujinaga, solicited fraudulent investments. Medical collection business was located in Las Vegas, Nevada, and Tokyo, Japan. Allegeed Violations Fujinaga solicited $1bn in investments in MRI from over 10,000 Japan residents. Investors wired funds from Japan into accounts in US,…
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FMA 2019 Supervision Priorities
On Nov. 28, FMA issued 2019 priorities for supervision, audit. FMA priorities for supervision, inspections in 2019 and facts, trends, strategies. Priorities Following thematic areas defined as 2019 priorities for supervision, inspections. First, financial market digitalization: supporting digital change, managing risks. Next, business model sustainability: anticipatory thinking, acting anti-cyclically. Corporate governance: strengthening resilience in changing…
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CBOI New Registration for AML
On Nov. 27, CBOI issued rules for firms to register for AML. New requirement for unregulated firms to register with CBOI re AML oversight. Per criminal justice (money laundering, terrorist financing), (amendment) act. If firm offers specified service, not otherwise authorised for business by CBOI. Guidance specifies leasing, factoring, safe custody and other services effected.…
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UKP Brexit Withdrawal Agreement
On Nov. 26, UKP planned evidence session on the economic impact. Follows UKP Jul. 2018 asked Treasury, FCA, BoE for impact analysis. Follows UK DEXEU, EC Nov. 2018 issued agreement on Brexit terms. Economic Impact The panel plans to take evidence on withdrawal agreement and the joint political declaration, issued a call for evidence on…
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ASIC UBS Market Integrity Fine
On Nov. 20, ASIC announced UBS paid AUS$120,000 penalty. UBS Securities Ltd (UBS) paid AUS$120k to settle infringement notice penalty. Findings Panel believed UBS contravened ASIC Market Integrity Rules (ASX Market) 2010. Transactions relating to six on-market buy-backs conducted in 2017 were not in the ordinary course of trading/not in accordance with the clients’ instructions.…
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