On Mar. 6, Treasury OFAC designated Mexican drug trafficker group. Targeted individuals and companies, close to Ruelas Torres drug trafficking group. Named Joel Efren Ruelas Avila and those close to new leadership of Ruelas Torres. Sanctioned 8 individuals and 8 companies linked to the Sinaloa based organization. Persons Designated Maria Rocha, Patricia Ruelas Avila, Jose Maria Ruelas Avila,…
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NYAG $500mn Settlement RBS
On 6 March, NYAG fined RBS $500mn for misconduct leading to crisis. Settlement with Royal Bank of Scotland for deceptive practice, misrepresentation. Alleged Violations Bank used deceptive practices with packaging, marketing, sale, issuance of RMBS. Diligence vendors warned RBS of securitization loans failed underwriting standard. Number of mortgage loans backing RBS RMBS, had loan-to-value ratio…
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FR CNIL Transitioning to GDPR
On Feb. 23, FR CNIL updated on new processes for data protection. Cited imminent entry into force of the European Data Protection Regulation (GDPR). Implement new compliance tool, certification, and gradually ending labeling activity. Background European Regulation and draft law currently under discussion invite data protection authorities to develop protection certification mechanisms to assist data…
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HK SFC AML N. Korea Sanctions
On Feb. 23, HK SFC updated list on UN sanctions for North Korea. Updated list specifying relevant persons and entities under section 31 of the UN Sanctions (Democratic People’s Republic of Korea) Regulation, of Feb. 23, 2018. Licensed corporations are reminded to refer to SFC Chapter 6 of AML Guideline. Guidance on measures to take…
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FINRA Legend Churning Fraud
On Feb. 16, FINRA fined Legend Securities $200k re sale supervision. Office of Hearing Officers decision became final and the firm was fined $200k. Alleged Violations Firm failed to supervise representative who fraudulently churned an account. Fraud against elderly and blind customer resulted in net losses of over $170k. Customer was charged a total $232k…
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CBOE AML Compliance Program
On Feb. 14, CBOE issued AML due diligence for permit holders. Follows 2016 FinCEN rules, on customer due diligence requirements. Require trading permit holders be in compliance with CDD rules by May 11, 2018. Must have written AML program, designed to achieve compliance with CDD rules. Application Where TPH is not a FINRA member, and…
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