On Oct. 30, FINRA fined LPL on complaint-reporting and AML. LPL Financial fined for complaint-reporting and AML failures spanning three years. Violated FINRA Rules 1122, 3110, 3310, 2010, NASD Rule 3010, and the by-laws. Disclosure of Complaints Firm did not file or amend registered representative forms, to disclose complaints. LPL too narrowly interpreted the requirement,…
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UK FCA Complaints Increase
On Oct. 29, UK FCA released data showing increase in complaints. Data showed increase with over 4 million complaints during the first half of 2018. With firm-specific complaints data, as sortable table: 2018 H1, and downloadble. Level of Complaints Increase shown for 4th successive half year, to record of 4.13mn, at 3,161 firms. Increase of…
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OFAC Singapore Trading Korea
On Oct. 25, Treasury OFAC designated Singapore trader to DPRK. Singapore-based designated targets, laundered money in support of North Korea. Two entities and one individual, to continue implementation of existing sanctions. Basis for Designation Tan Wee Beng, Wee Tiong Ltd, and WT Marine Pte Ltd for having engaged in AML. For counterfeiting of goods or…
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FDIC Remove Annual Disclosure
On Oct. 25, FDIC proposed rules to rescind annual disclosures. Rescind and remove regulation on bank disclosures of financial and other data. Upon removal of regulation, banks to no longer be subject to annual disclosure. Apply to all insured State nonmember banks, and to branches of foreign banks. The financial and other information is publicly…
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UK ICO Fines Facebook £500,000
On Oct. 25, UK ICO fined Facebook for data protection failures. Follows ICO Jul. 2018 issued update on political data investigation. Fine Issued Facebook fined £500,000 (the maximum allowable under the laws which applied at the time the incidents occurred) for serious breaches of data protection law. Due to timing dealt with under Data Protection…
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FINRA Conflicts for Own Staff
On Oct. 24, FINRA proposed rules on post-office staff conflicts. To adopt Rule 9910 post-employment conflict restrictions; nonpublic information. Ban Ex-Employee Advocacy Prohibit former officers from communication or appearance at FINRA, for a year. Any ex-employee banned from advocating FINRA at any time in matter involving specific party with whom personally or substantially involved during employment.…
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