On Feb. 26, CFPB issued report on wide elder financial abuse. Financial institutions report vast increase in older customers prey to exploitation. Perpetrators from offshore scammers to close family members and they’re filing hundreds of thousands of reports with federal government about their suspicions. Report First-public analysis provides better understanding of elder fraud and prevention.…
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UK Treasury, OFSI Raphaels Fine
On Feb. 25, UK Treasury, OFSI issued penalty for sanctions breach. On Monday Jan. 21, 2019 the Office of Financial Sanctions Implementation issued penalty of £5,000.00, in accordance with s 146 of the policing and crime act 2017. Against Raphaels Bank for contravening of Egypt (asset-freezing) regulations 2011. The value of the transaction was £200.00…
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MGEX EDF Man Wash Trade Fine
On Feb. 24, MGEX fined E D & F Man $25k for use of wash trades. E D & F Man Capital Markets were charged for conducting internal exercises and assignments on Hard Red Spring Wheat options that were not reported to MGEX. Breach rule 2.1.6 supervision, 743.00 prohibition on accommodation/wash trade. Allegations Thus, MGEX…
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SWE SFI Swedbank AML Role
On Feb. 23, 2019, SWE SFI rejected allegation made by Svenska Dagbladet (SvD). It is incorrect that SFI rejected proposal to review Swedbank's Baltic operations. On Oct. 22, 2018 proposal discussed was investigation into SEB, not Swedbank. Meaningful study of Baltic operations needed to be done with Baltic authorities. Described previous steps taken and ongoing…
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ASIC New Whistleblowing Laws
On Feb. 21, ASIC welcomed passing of new whistleblowing laws. ASIC welcomed the passing of treasury laws amendment (enhancing whistleblower protections) bill 2018, which was approved by Parliament late on Feb. 19, 2019. Significantly improves protections for whistleblowers who report company misconduct. Reforms Broaden the whistleblower definition to include both current and former employees, officers,…
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GE BaFin AML High Risk Countries
On Feb. 15, GE BaFin issued circular on third countries' AML risk. Follows EC Feb. 2019 adopted a list of high risk third countries re AML. High Risk Jurisdictions Circular relating to third countries which have strategic deficiencies in their systems to combat money laundering / terrorist financing that pose risks to financial system. EU…
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