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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HK SFC Broker HK$15mn for AML
On Feb. 18, HK SFC fined Guosen securities $15mn for AML breach. Guosen Securities (HK) broker failed to comply with AML/CFT rules, in handling third party fund deposits, processed 10,000 third-party deposits for $5bn total. Allegations Clients received third-party deposits that were unequal to their financial profiles. Third-party deposits withdrawn soon after funds receipt, without…
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FINRA Fraudulent Phishing Email
On Feb. 13, FINRA warned new phishing email targeting firms. Brokers reported receiving suspicious emails targeting compliance personnel. Phishing Email The email appears to be from legitimate credit union trying to notify the firm about potential money laundering involving purported client of the brokerage. Recipient is directed to open attachment —that may contain virus or…
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ASIC Deutsche Trader False Entry
On Feb. 12, ASIC issued sentence for DB trader false entries. Court sentenced DB futures trader, Andrew Donaldson, to 18 months in prison. Allegations Donaldson pled guilty to falsifying internal financial records and system entries. While working as a FX, options and futures trader, with Deutsche Bank Sydney. Related to his trading in financial products,…
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Nasdaq Stockholm Cyxone Fine
On Feb. 8, Nasdaq Stockholm fined company inside information. Cyxone AB breached Nasdaq First North Regulation 4.1, on the disclosure of inside information prior to press release by Cyzone's President during speech. Company ordered to pay a fine of two annual fees corresponding to SEK 200k.
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