On 12 September, FINRA fined BD and CCO death put investment, AML. C.L. King & Associates, fined $750k for negligent misrepresentations, omissions. AML compliance officer, Gregg Miller, suspended six months in principal capacity. Fined $20,000, for failing to establish and implement a reasonable AML program. Decision resolves FINRA April 2016 charges brought by enforcement department.…
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U.S. FINRA T+2 Settlement Cycle
On 12 September 2017, FINRA issued 'T+2 Is Here' investor alert on impact from new cycle.
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China -PBOC Briefing on AML Status
On 11 September, PBOC issued statement on 8 September AML briefing in Beijing. Meeting on status of AML work, views from financial institutions on experiences. Yin Yong, VP, of PBOC outlined the deployment, for the next stage of AML tasks. CPC Central Committee and State Council attach great importance to AML work. Seek improved AML…
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U.S. SEC State Street $35mn Fine
On 7 September, SEC fined State Street $35mn for overcharges and disclosure. State Street to pay over $35mn for fraudulently charging clients secret markups. Bank and Trust Company to pay $3mn fine; and Global Markets, Global Advisors Funds Distributors, and Bank and Trust Company agreed to pay in $32.3mn fines. Transition Services Scheme to overcharge…
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Hong Kong – SFC Commences Insider Dealing Case
The Securities and Futures Commission (SFC) commenced criminal proceedings in the Eastern Magistrates’ Court today against Mr Au-Yeung Siu Pang over alleged insider dealing in the shares of China CBM Group Company Limited (China CBM) (Note 1). The SFC alleges that between 28 and 29 March 2012, Au-Yeung, at the time an employee of China…
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Switzerland – FINMA AML Beneficial Owner
On 4 September, FINMA proposed new AML rules, for beneficial ownership. Follows fourth round mutual evaluation of Switzerland's AML provisions by FATF. Due to shortcomings, country entered the FATF enhanced follow-up procedure. Amendments are part of wider package of measures in response to FATF report. Package was summarized in a 28 June 2017, release issued…
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