On Dec. 17, CFTC amended complaint in precious metal fraud. Complaint against Rust Rare Coin and Gaylen Rust charges additional defendants. Alleged Violation Amended complaint alleges Denise Rust and Joshua Rust, participated in a fraud. Defendants signed checks issued to Silver Pool investors knowing that they were Ponzi payments involving repaying money recently contributed by…
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Recent Posts by ILG
FR AMF Whistleblower Process
On Dec. 14, FR AMF issued procedures to protect whistleblowers. Procedures enabling those who report possible violations of EU reg 596/2014 on AMF financiers to do so in the most efficient and knowledgeable manner possible. Reporting Process Covers receipt of reports under article L. 634-1 of monetary and financial code. Explains different notification channels available…
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UK FCA Angela Burns Fine/Ban
On Dec. 14, UK FCA fined, banned NED £20k for conflict of interest. Angela Burns banned from acting as non-executive director (NED), fined £20,000. Allegations Experienced UK investment professional, chief executive of investment consultancy. She acted as NED at two mutual societies and chair of their investment committees. Participated in discussions about Vanguard Asset Management…
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UK FCA UBS Compliance Insider
On Dec. 12, 2018, UK FCA stated that it sought re-trial for insider dealing case. Jury was discharged, following failure to reach verdict, in a trial brought by FCA.
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BaFin AML Guide Consultation
On Dec. 11, 2018 GE BaFin published the finalized version of the AML guidance. Interpretation and application instructions to the money laundering act (GwG). Implementing customer due diligence, internal safeguards, risk-based approach. Legal innovations, e.g. the concept of fictitious beneficial owner, are explained. Obligations in connection with identification of the person appearing are clarified. Interpretative…
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FINRA 2018 Report Exam Findings
On Dec. 7, FINRA issued second annual report on exam findings. Second annual report on examination findings, resource for firms from FINRA360. Follows 2017 report, highlighted cybersecurity, OBA, best execution. 2018 Report Observation from recent exams, selected for significance, frequency, and impact. Highlight exam findings on suitability for retail customers, fixed income mark-up disclosures, reasonable…
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