On May 22, FINRA warned on risk of credit cards for investing. FINRA reported SEC Feb. 2018 alert on risks from using cards to buy investments. Considerations before using a credit card to invest. Most licensed firms do not allow customers to invest using a credit card, therefore pressure to use a credit card to…
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About: ILG
Recent Posts by ILG
CBOC Development Bank AML
On May 22, CBOC fined Cyprus Development Bank €715k for AML. Findings emanating from on-site examinations conducted between 2014–16. Bank fined €715k for failure to comply with certain provisions of the AML law. If fine is paid within specified time limit, it will be reduced by 15% or €107k.
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UKP Russian Corruption in UK
On May 21, UKP foreign affairs panel issued report on Russian money. UK be serious about confronting full scope of President Putin’s offensive measures. Robust rhetoric from Prime Minister, following attempted murder of Sergei Skripal and his daughter has been undermined by business as usual sign on UK front door. Report says the use of London…
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OCC, DoJ Rabobank AML Fine
On May 18, 2018, DoJ announced Rabobank sentenced in California District Court for "impairing, impeding and obstructing its primary regulator", the OCC, will pay $500k. Statutory fine in addition to forfeiture of $368,701,259 illicit funds to US government. Misconduct compounded by conspiration to cover up compliance failures, misleading OCC examiners several former executives impeded…
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FINRA Fines Portfolio Resources AML Gaps
On May 16, FINRA fined Portfolio Resources for AML monitoring. Portfolio Resources Group fined $100k, and to meet AML compliance standards. Alleged Violations AML compliance officer or his designee would manually monitor account activity. The firm also used a system that provided alerts to assist in its AML monitoring. AML systems failed to identify, transactions…
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RBI Punjab Bank $1.8bn Fraud
On May 14, 2018, Central Bureau Investigation issued charges against 22 people. Against former CEO and 2 directors of PNB, on 2 partners of 3 private companies. Included 2 diamond firms, 7 of their employees and 10 additional staff from PNB. Follows CBI searches at 42 premises, and arrest of 15 people, with 80…
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