On 18 May 2020, HK SFC fined Southwest Securities for AML breaches. HK SFC has reprimanded and fined Southwest Securities (HK) Brokerage Limited HKD5mn for failures in complying with AML/CFT regulatory requirements in 2016. Breaches Southwest had failed to implement adequate policies and procedures to mitigate risk of money laundering and terrorist financing associated with…
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Thailand – SEC Noble Insider Trading
On 14 May 2020, Thai SEC fined two individuals for insider trading. Thai SEC fined two individuals for the use of inside information about Noble company. The offenders must pay a civil fine, return benefits gained and compensate Thai SEC. Mr. Kittithanakit Amnuay disclosed internal information about the company and is fined Thb 635,000, Mr.…
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U.S. – SEC FINRA Regulation Best Interest
On 7 May 2020, SEC published FAQs on Reg BI on externally-executed transactions. Recommendations to existing retail customers must comply with Reg BI at the time they were made, even if the customer executes the transaction with a different firm. Reg BI inapplicable if customer executes a self-directed account, no recommendation. Firms may deliver disclosures…
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