On Jan. 8, 2018, FINRA issued regulatory and examination priorities letter for 2018. Resource for firms to enhance compliance, supervisory, risk management programs. Focus for 2018 on fraud, high-risk firms and brokers, operational and financial risks. Financial risk included technology governance and cybersecurity, market regulation. Sales practice if, recommend complex products to unsophisticated/at-risk investors. Protection…
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About: ILG
Recent Posts by ILG
U.S. DoJ, SEC Och-Ziff Fraud, FCPA
On Jan. 3, 2018, DoJ charged Michael Cohen, for scheme to defraud charitable client. When recommending investments in African mining sector, to a charitable foundation. Violated fiduciary duties to charity, by making misrepresentation, concealing conflicts. One mine seller, owed Cohen millions of dollars, on a delinquent $18mn personal loan. Cohen had made the loan…
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U.S. OFAC Human Rights Abusers
On Dec. 21, Treasury OFAC sanctioned 13 for abuse, corruption. Executive Order implemented global Magnitsky Human Rights Accountability Act. Executive action was taken on 13 serious human rights abusers and corrupt actors. OFAC, also imposed sanctions on an additional 39 affiliated individuals and entities. Yahya Jammeh Ex-President of Gambia 1994-2017 engaged in human rights abuses…
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Germany – BaFin Inside Information Use
On 28 December, BaFin issued guide on insider trading, manipulation. Presentation documents as part of the BaFin issuer workshop on Dec. 11, 2017. Insider Dealing Publishing and dealing with inside information, Illegal disclosure, and sanctions. Publish if issuer admitted to regulated market or MTF/OTF approved instrument. Information a reasonable investor would use as a basis for…
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U.S. DoJ Shipyard $422mn Bribery
On Dec. 22, DoJ fined Singapore-based shipyard in bribery breach. Keppel Offshore & Marine (KOM) and its US based subsidiary to pay $422mn penalty. KOM is a Singapore-based company that repairs ships, owns the KOM US subsidiary. Bribery Scheme Charges arise from 10 year scheme to pay millions in bribes to pay Brazilian officials. KOM…
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FINMA JP Morgan AML Censure
On Dec. 21, FINMA censured JP Morgan for AML failing re 1MDB. JPM seriously breached AML rules by not screening 1MDB transaction, relationship. Alleged Violations Bank did not screen transactions and business relationships booked in Switzerland. Swiss breach associated with Malaysian sovereign wealth fund, 1MDB. FINMA proceedings in 2016-17, uncovered serious shortcomings with AML…
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