Recent Posts by ILG

Hong Kong – SFC Fined Southwest Securities

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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SEC $10mn for Printer FCPA Breach

On Sep. 26, SEC settled with print-marketer for $10mn re FCPA. Charged Quad/Graphics, digital and print marketing provider, based in Wisconsin-USA. For company violations of the FCPA by engaging in bribery schemes in Peru and China. Allegations From at least 2011- Jan. 2016, Quad/Graphics' Peruvian subsidiary, Quad/Graphics Peru S.A., repeatedly paid, or promised bribes to,…
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SEC $1.8mn Whistleblower Award

On Aug. 29, SEC announced $1.8mn award for a whistleblower. Whistleblower awarded $1.8mn for information and help that were critically important to the success of an enforcement action involving misconduct committed overseas. The whistleblower provided extensive cooperation including the review of documents, sworn testimony, and continued to give new information that aided the investigation.
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DoJ Precious Metals Trader Spoofing

On Aug. 21, DoJ announced precious metals trader pleaded guilty. Trader, Christian Trunz, pleaded guilty to conspiracy and spoofing charges. Spoofing Activity Trunz was an executive director at a US bank; he was precious metals trader from Jul. 2007 to Aug. 2016, placing thousands of orders that he did not intend to execute. Orders were…
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