Category: Regulation

May 30, 2025 BY Sam Boughedda

Oanda Fined $600k By the National Futures Association

The New York-based retail foreign exchange dealer, which is owned by proprietary trading firm FTMO, agreed to the settlement without admitting or denying the allegations, according to a decision published by the NFA’s Business Conduct Committee (BCC) on Wednesday. The BCC found that Oanda failed to properly increase its net capital in accordance with liabilities…

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FINRA's 2018 volume tops 2017 activity by 87%
May 28, 2025 BY Sam Boughedda

Public Investing Fined $350k By FINRA

According to a letter of acceptance, waiver, and consent, published by FINRA, the New York-based brokerage firm paid more than 100 influencers to promote its services on platforms like Instagram and YouTube between January 2020 and March 2023.  These paid posts, which attracted over 23,000 new accounts, are said to have often included misleading or…

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May 26, 2025 BY Sam Boughedda

Former Credit Suisse Vice President Banned By the FCA

Subeva is the third former Credit Suisse banker to be barred for lacking integrity in connection with a corrupt loan scandal involving the Republic of Mozambique.  In May 2019, she pleaded guilty in a US court to conspiracy to commit money laundering, after accepting $200,000 in unlawful kickbacks related to loans arranged for Mozambique. The…

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FINRA's 2018 volume tops 2017 activity by 87%
May 21, 2025 BY Sam Boughedda

AAG Capital Fined $100k by FINRA

The Florida-based brokerage firm was also ordered to pay $38,591.39 in restitution to affected customers and undertake corrective measures. According to FINRA, between February 2021 and the present, AAG Capital did not implement a system reasonably designed to comply with Regulation Best Interest (Reg BI) when recommending registered index-linked annuities (RILAs) to retail clients.  The…

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FINRA building
May 20, 2025 BY Sam Boughedda

FINRA Fines Wells Fargo Clearing Services For Supervisory System Failures

The regulator said the company failed to maintain adequate safeguards for customer information over an eight-year period. Between January 2014 and March 2022, FINRA claims it found that Wells Fargo did not have a supervisory system or written procedures reasonably designed to protect client data.  They explained that when certain registered representatives left the firm,…

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May 20, 2025 BY Sam Boughedda

ASIC Cancels Calaite Capital Partners Licence

The move comes after compensation was paid to consumers under the Compensation Scheme of Last Resort (CSLR). ASIC said Calaite Capital failed to comply with two determinations issued by the Australian Financial Complaints Authority (AFCA) on 8 July and 31 October 2024.  The firm did not pay the required compensation, prompting the CSLR to step…

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May 19, 2025 BY Sam Boughedda

Crypto Exchange Provider Cointree Issued $75k in Infringement Notices By AUSTRAC

The penalty was issued under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. It follows Cointree’s voluntary disclosure that it had not submitted SMRs within the required timeframes. AUSTRAC CEO Brendan Thomas said, “SMRs provide AUSTRAC and our law enforcement partners with information about suspected misuse of the financial system and this information goes on…

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May 09, 2025 BY Sam Boughedda

Webull Financial Hit With $1.6m Fine By FINRA

The failings are said to include inadequate oversight of paid influencers and widespread disclosure lapses affecting millions of clients. FINRA said Webull failed to supervise or retain records of promotional content produced by more than 400 paid social media influencers between January 2019 and December 2022.  They add that some of the content contained exaggerated…

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May 07, 2025 BY Sam Boughedda

ASIC Imposes Additional Conditions on Macquarie Bank's Australian Financial Services Licence

ASIC added that one of the compliance failures went undetected for over a decade. They relate to Macquarie’s futures dealing operations and over-the-counter (OTC) derivatives trade reporting.  ASIC’s action requires the bank to develop a remediation plan, appoint an independent expert to review the plan and assess the effectiveness of the remediation in preventing future…

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