On Jun. 5, 2018, 14 AGs urged CFPB to retain public access to complaint database. Background: Reports CFPB has published a variety of reports analyzing consumer complaints, responses. Since Jul. 2015, began publishing series of monthly complaint reports, with trends. Products, geographic area, comparative reports published using the monthly trend. Some reports required by…
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AUSTRAC CBA $700mn AML Fine
On Jun. 4, AUSTRAC said CBA agreement to pay $700mn for AML. Follows AUSTRAC Dec. 2017 expanded case, 100 further breaches, see #33474. Penalty Agreement Agreement reached between AUSTRAC and the Commonwealth Bank of Australia for $700mn penalty, to resolve proceedings relating to breaches of AML/CTF law. Parties will jointly approach Federal Court, seeking orders…
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SEC Fines 13 PFs for Reporting
On 1 June, SEC charged 13 private fund advisers for filing failures. The SEC announced settled charges against 13 registered investment advisers. For failing to provide required information that the agency uses to monitor risk. Failure to File Form PF Advisers failed to file Form PF annual reports, to notify the funds they advised. On…
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SEC LI Broker Investment Scam
On May 30, SEC charged broker with defrauding clients up to $8mn. Charged former registered representative with defrauding long-standing brokerage customers in an $8mn investment scam, including senior citizens, misled investors. Alleged Fraud Steven Pagartanis, affiliated with broker dealer, told customers would invest in public traded or private land development companies, promised safe investment returns,.…
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HK SFC Fine on Sales Controls
On May 29, HK SFC fined Noah Holdings HK$5mn for sales controls. SFC fined Noah Holdings HK$5mn for system and control failure in product sales. Alleged Violations Internal system, control failures, in sale and distribution of investment products. Failure to comply with requirements on know-your-client, product due diligence, suitability assessment, information to clients and sales…
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UK New Data Protection Act
On May 23, UKP data protection act completed legislative process. Data protection act 2018 (DPA 2018) replaces previous data protection act 1998. On May 23, UK's Information Commissioner Denham, welcomed the new statute. Relationship with EU Law The Act sits alongside GDPR, implements the EU Law Enforcement Directive (LED). Extend domestic data protection law to areas…
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