On Aug. 23, UK GC fined Camelot for control, governance failings. GC investigation into historic control and governance failings at Camelot completed. Launched due to identified failings regarding governance, risk, control framework. Findings Dec. 21, 2016, failings identified including 5 controls-related matters serious enough to warrant financial penalty, including incomplete lotto results publication on web.…
Read more
About: ILG
Recent Posts by ILG
Brazil- CVM Pension Fund Fine R183mn
On Aug. 20, CVM issued fines for poor practices in pension funds. Sanctions regarding deals on behalf of State Water, Sewage Company pension fund by Bovespa Index (IND) futures contracts, Dollar (DOL), 1-Day Interest Rate (DI1). Allegations Unfair practices regarding investments to the detriment of pension fund portfolio. Sanctions Several defendants received fines totally over…
Read more
OFAC Circumvented Sanctions
On Aug. 21, OFAC designations for evading Russia, NK sanctions. Identified individuals and entities for their roles in circumventing US sanctions. Designation is pursuant to section 224(a)(1)(B) of CAATSA, Public Law 115-44. Russia-related Sanctions Sanctions based on acts undertaken for Divetechnoservices, a Russian entity. As well as for Russian government agencies e.g Federal Security Service (FSB).…
Read more
SEC Merrill Advisory Conflicts
On Aug. 20, SEC $8.9mn Merrill settlement on advisor conflicts. Firm will pay $8.9mn for failed to disclose conflict of interest from own business. In deciding if to continue to offer clients product managed by third-party advisor. Alleged Violations Conflict arose in handling third-party products of US subsidiary of a foreign bank. Over 1,500 of Merrill’s…
Read more
FINRA Fine Lek Securities AML
On Aug. 15, FINRA fined Lek Securities Corporation for AML. On Jun. 1, an SEC order became final and Lek Securities Corporation was fined $100,000, sustaining the NAC's findings and sanctions imposed. Alleged Violations Such sanctions were based on Lek's failure to establish effective AML policies, procedures, controls to adequately report suspicious transactions. Such failure…
Read more
SEC Fines Large Bank $10mn Records, Controls
On Aug. 16, SEC fined Citigroup $10mn for records and controls. Citi to pay $10.5mn for books and records violations and inadequate controls. Actions on books and records, internal accounting controls, trader supervision. From $81mn losses, due to trader mismarking and unauthorized prop trading. With $475mn of losses, due to fraudulently-loans made by Mexican subsidiary.…
Read more
Recent Comments by ILG
No comments by ILG yet.