IdentityMind Global to ensure AML compliance for HBUS’ virtual currency marketplace LeapRate

July 12, 2018 BY Valentina Kirilova

IdentityMind Global to ensure AML compliance for HBUS' virtual currency marketplace

IdentityMind Global has announced that HBUS, which operates an online virtual currency marketplace in the U.S., has selected IdentityMind to provide anti-money laundering (AML) compliance for its marketplace. HBUS is the exclusive U.S. strategic partner of Huobi, the provider of virtual currency related services. HBUS is dedicated to AML compliance and has already registered with…

July 05, 2018 BY Valentina Kirilova

SFC consults on amendments to anti-money laundering

The Hong Kong Securities and Futures Commission (SFC) has launched a consultation on proposals to amend the Guideline on Anti-Money Laundering and Counter-Terrorist Financing to keep it in line with international anti-money laundering and counter-financing of terrorism (AML/CFT) standards and make it more useful and relevant. The proposed amendments expand the types of politically exposed…

June 06, 2018 BY Valentina Kirilova

FCA fines Canara Bank £896,100 and imposes a restriction

The Financial Conduct Authority (FCA) has informed the public that it has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days. Financial services firms are required to maintain robust anti-money laundering (AML) systems and controls, since they are at risk from those seeking to…

March 12, 2018 BY Valentina Kirilova

New Zealand FMA issues five warnings for anti-money laundering and CFT act

New Zealand's Financial Markets Authority (FMA) announced that it has issued formal warnings to five reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). Entities are required by law to have their risk assessment and AML/CFT programme audited by an independent auditor every two years. For this…

September 12, 2017 BY LeapRate Staff

C.L. King & Associates fined $750,000 around AML failures related to 'Death Put' investments

The U.S. Financial Industry Regulatory Authority (FINRA) announced today that a FINRA extended hearing panel censured Albany, NY-based broker-dealer C.L. King & Associates, Inc. and fined the firm $750,000 for negligently making material misrepresentations and omissions to issuers in connection with the firm’s redemptions of debt securities on behalf of a hedge fund customer. The…

February 08, 2017 BY Valentina Kirilova

New Zealand's FMA warns firms under anti-money laundering and countering financing of terrorism act

The Financial Markets Authority (FMA) has issued a formal warning to 12 reporting entities under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act. Under section 59(2) of the Act, the FMA required reporting entities to submit their audit of their Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) risk assessment and…

September 27, 2016 BY LeapRate Staff

ThinkMarkets automates client onboarding with GBG's online verification solution

FCA and ASIC regulated retail forex and CFD broker ThinkMarkets has announced that it has implemented GB Group plc (LON:GBG) unit GBG’s online verification solution, to enhance its account opening and anti-money laundering screening capabilities. The move will complement ThinkMarkets’ existing framework and further minimise the risk of financial crime, money laundering and terrorist financing. ThinkMarkets deployed…

June 02, 2016 BY LeapRate Staff

SEC fines brokerage firm Albert Fried & Co $300,000 for anti-money laundering failures

Continuing its crackdown on money laundering issues at brokerage firms, the U.S. Securities and Exchange Commission (SEC) charged a Wall Street-based brokerage firm with failing to sufficiently evaluate or monitor customers’ trading for suspicious activity as required under the federal securities laws. An SEC investigation found that Albert Fried & Company failed to file Suspicious Activity…

May 01, 2016 BY LeapRate Staff

NFA charges ZuluTrade and CEO Leon Yohai with minimum net capital, AML and supervision failures

ZuluTrade and Leon Yohai have 30 days to issue a written response to the NFA's complaint, which could result in expulsion or suspension for a specified period from NFA membership.

February 29, 2016 BY Maria Nikolova

UK Gambling Commission sanctions Paddy Power over AML, social responsibility failures

The United Kingdom Gambling Commission has earlier today published a statement on its website telling gambling operators in the country to learn from the failures of Paddy Power Group. Paddy Power, which recently merged with Betfair, is named and shamed over failures regarding anti-money laundering controls and social responsibility. For that matter, the company will…

Tag: anti-money laundering