Category Archives: Regulatory Update

Regulatory Update is information specific to regulations affecting the financial services industry

FINFSA Money Laundering Guide

On Jan. 7, FINFSA advised AML Standard 2.4 is not yet updated. FINFSA advised that the standard 2.4 knowing the customer - preventing money laundering and terrorist financing, had not yet been updated re 2017, 2018 laws. Overview Not yet take into account amendments to money laundering act in force Jul. 2017. And other legal…
Read more

UN SC Sanctions Iraq Removal

On Jan. 8, 2019, UN SC removed a further three entities from the sanctions list. Namely: General Establishment for Designs and Research and State Enterprise for Aluminium Semi Products in addition to State Enterprise for Cable and Wires.
Read more

UK FCA Conflict Interest Policy

On Jan. 2, UK FCA issued conflict of interests policy document. Conflict of Interests Policy exists to protect employees, the FCA, the PSR and public. Work must be carried out in an environment free from conflict or improper influence. Must be able to publicly defend actions of those who work for it, in relation to…
Read more

US Treasury Disclosure Update

On Dec. 27, US Treasury conformed recordkeeping to SEC rules. Treasury rule conformed recordkeeping and reporting requirements for registered government securities brokers, dealers if cross-reference existing SEC regulations. Technical Changes Technical amendments to Treasury recordkeeping rules, Form G-405 on reporting extraordinary gain and loss, cumulative effect of changes in accounting principles. Comprehensive income on annual…
Read more

HKMA Fund Sale Misconduct Risks

On Dec. 21, HKMA warned misconduct risks in selling of funds. HKMA letter to draw attention to misconduct risk in selling of investment funds. Provide guidance on expected standard of prevention and management of risk. Reminded registered institutions (RIs) to ensure investment recommendations, or solicitation for customers were reasonable in all circumstances. Firms must act…
Read more