Category: Financial Services

Cornerstone revenue
December 23, 2022 BY Steffy Bogdanova

Cornerstone FS announces sale of Avila House

The Group acquired Avila in October 2020 to secure a Small Electronic Money Institution. The company’s primary operating subsidiary, Cornerstone Payment Solutions Ltd. (formerly FXPress Payment Services Ltd.) gained approval from the Financial Conduct Authority (FCA) as Authorised Electronic Money Institution in August 2021, which replaced the more limited license of Avila. According to the…

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FMA
December 21, 2022 BY Steffy Bogdanova

FMA sues Tiger Brokers for AML/CFT breaches

Margot Gatland, FMA Head of Enforcement, said: The anti-money laundering and counter financing of terrorism regime is an important pillar to maintaining the integrity of New Zealand’s financial markets, so we take non-compliance seriously. Our case alleges Tiger Brokers failed to appropriately vet customers, respond to activities that should have raised concerns, and maintain records…

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CFTC
December 21, 2022 BY Steffy Bogdanova

CFTC fines CHS Hedging $6.5 million for supervision failures

The CFTC stated that one of CHS Hedging’s customers engaged in speculative trading that sustained millions of dollars in losses in their company account from January 2017 through December 2020. The customer and their company made margin payments of more than $147 million to CHS Hedging over the course of that period. The CFTC found…

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December 20, 2022 BY Steffy Bogdanova

FCA fines TSB £48.65 million operational resilience lapses

TSB’s IT migration plan was ambitious and complex, carrying a high level of risk. The FCA noted that the company failed to organise and control the migration process adequately. Both agencies, the FCA and PRA prioritise operational resilience. Mark Steward, FCA Executive Director of Enforcement and Market Oversight said: The failings in this case were…

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Whistleblower
December 20, 2022 BY Steffy Bogdanova

Whistleblower receives over a $37 million award from SEC

Creola Kelly, Acting Chief of the SEC’s Office of the Whistleblower said: The whistleblower here made persistent efforts to bring the conduct to the attention of the SEC, another agency, and the company and is credited with the results of the company’s internal investigation. Payment of the awards is taken out of an investor protection…

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Acquisition
December 15, 2022 BY Steffy Bogdanova

United Fintech announces acquisition of Cobalt

Under the acquisition agreement, United Fintech will onboard Cobalt, its clients and employees onto its platform. However, Cobalt will continue to operate as a standalone company. Christian Frahm will serve as the new Chairman of Cobalt and Cobalt’s co-founder & Chief Product Officer Andrew Coyne and CEO Darren Coote will remain in leadership of the…

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December 15, 2022 BY Steffy Bogdanova

SEC charges eight Twitter and Discord influencers with running a $100 million securities fraud scheme

Joseph Sansone, Chief of the SEC Enforcement Division’s Market Abuse Unit, said: As our complaint states, the defendants used social media to amass a large following of novice investors and then took advantage of their followers by repeatedly feeding them a steady diet of misinformation, which resulted in fraudulent profits of approximately $100 million. Today’s…

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