Log In | Subscribe | | |

Regulatory Notices

FinCEN and the Federal Banking Agencies have issued a joint statement "encouraging innovative industry approaches" to money laundering compliance. It's not long and it encourages both human and technological innovation. But, importantly, it specifically says that it does not require those who don't need it to jump into NewTech just because it's there. It also says banks are free to fail when trying new things. It also says that some NewTech might result in regulators finding out things companies might rather they didn't.

BIScom Subsection: 

The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Ezzat-Daniel Nesseim from providing financial services.

BIScom Subsection: 

The Monetary Authority of Singapore (MAS) announced today that it has issued prohibition orders (POs) against six individuals for the mis-selling of investment products. The individuals are:

BIScom Subsection: 

Late last year, there were rumours of fundamental financial instability at German bank Deutsche Bank (Deutsche). In September, the German government said it would not provide support for the bank. Speculation was rife as to why but perhaps the strongest was that Angela Merkel, the German Chancellor, was already on a sinking raft in heavy political seas. Then Deutsche started doing deals to settle regulatory cases and the sums are adding up to so much that the future of the bank must now be in doubt.

BIScom Subsection: 

The UK's Financial Conduct Authority has published a table setting out "the total amount of fines so far." It's a head-shaking moment.

BIScom Subsection: 

Hong Kong's Securities and Futures Commission has fined MIS Services Limited, formerly Standard Chartered Investment Services HKD3million for an astonishing breach of regulations: it failed to have in post staff who met the qualifying requirements. The breach is not trivial: it lasted for nine years. It raises questions over the performance of the company, its parent(s) and the regulator.

Clearly there was oversight when there should have been supervision.

BIScom Subsection: 

The DFSA Rulebook and Code of Market Conduct were subject to consultation and, following that, the DFSA Board has concluded the production of revisions to both documents.

The DFSA Board has passed a series of instruments (listed below) to give effect to the new versions. DSFA reminds users that, as a result of the consultation, there may be differences between the final version as published and the original drafts.

BIScom Subsection: 

 


 

hahagotcha