On May 18, 2018, DoJ announced Rabobank sentenced in California District Court for "impairing, impeding and obstructing its primary regulator", the OCC, will pay $500k. Statutory fine in addition to forfeiture of $368,701,259 illicit funds to US government. Misconduct compounded by conspiration to cover up compliance failures, misleading OCC examiners several former executives impeded…
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FINRA Fines Portfolio Resources AML Gaps
On May 16, FINRA fined Portfolio Resources for AML monitoring. Portfolio Resources Group fined $100k, and to meet AML compliance standards. Alleged Violations AML compliance officer or his designee would manually monitor account activity. The firm also used a system that provided alerts to assist in its AML monitoring. AML systems failed to identify, transactions…
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RBI Punjab Bank $1.8bn Fraud
On May 14, 2018, Central Bureau Investigation issued charges against 22 people. Against former CEO and 2 directors of PNB, on 2 partners of 3 private companies. Included 2 diamond firms, 7 of their employees and 10 additional staff from PNB. Follows CBI searches at 42 premises, and arrest of 15 people, with 80…
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ASIC Charge IT Insider Trade
On May 14, ASIC charged an IT consultant with insider trading. Steven Oakes breached private network of Melbourne based financial publisher. Alleged Violations Charges comprise of 115 offences for unauthorized data access, insider trading, As well as destroying, concealing, mutilating or altering books required by ASIC. Information regarded shares due to be published in…
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FINTRAC Political Person FAQ
On May 11, FINTRAC issued FAQs on politically exposed persons. FAQs regarding identification, treatment of politically exposed persons in Canada. Including for the heads of international organizations, and their family members. Follows FINTRAC Dec. 2016 guidance on politically exposed persons. Overview Per legal requirements, Canadian financial institutions, life insurance providers, securities dealers and money services…
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SEC BD, IA Fiduciary Proposals
On May 9, 2018, SEC proposed in the federal register, comment Aug. 7, 2018. One filing is on Regulation Best Interest, and the other is on disclosure forms. Separate filing re interpretation of standard of conduct of investment advisers.
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