The crypto exchange offered services to US residents without approval from CFTC to operate as a Designated Contract Market (DCM) or a Swap Execution Facility (SEF). The company also operated as a Futures Commission Merchant (FCM) without registration. Moreover, it failed to implement customer information program (CIP) and know-your-customer (KYC ) procedures, as well as…
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CySEC also pointed out that, in its decision, it took into consideration that the Capital.com did submit the information, even if it was late. Furthermore, the company has had no similar violations in the past. Capital.com issued a response on the case: We have today received notification of a fine from the Cyprus Securities and…
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FINRA stated: Between January 2017 and January 2021, Crown Capital paid approximately $19.3 million in commissions earned by 18 of its registered representatives to 18 unregistered entities. The unregistered entities were corporations and limited liability companies created by the registered representatives to serve as doing business as names for their securities businesses and were disclosed…
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SEC pointed out that Collins approved of AVG employees using the “industry standard ‘2 and 20’” language. He personally used the same language with fund investors. SEC also found that AVG made inter-fund loans and cash transfers between funds and made loans to certain funds which is in violation of the funds’ respective operating agreements.…
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Barclays served as Premier FX’s sole banker in the UK. The bank failed to identify that Premier FX’s internal controls were deficient and because of that, failed its due diligence conduct. Mark Steward, Executive Director of Enforcement and Market Oversight, said: Premier FX, which handled money on behalf of other people, presented particularly high risks…
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The regulator also alleges that Feist failed to get to know and understand Interactive Broker’s AML program and did not even supervise the company’s AML analysts. FINRA highlighted: While he was AMLCO, Feist learned about, but failed to recognize the import of, facts that should have alerted him that Interactive Brokers' AML program was not…
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Some of NatWest’s employees who handled these cash deposits shared their suspicions with the bank’s investigative staff but no action was taken. The warning signs included large amounts of Scottish bank notes deposited throughout England, as well as deposits of notes carrying a noticeable musty smell and individuals acting suspiciously when depositing the cash. Moreover,…
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According to the regulator, before June 2019, UBS implemented multiple software systems to comply with its recordkeeping obligations. These systems operate its trader turret communication devices and recorded and stored voice recordings of calls occurring on these trader turrets. The recording systems had a know flaw causing them to fail to synchronize certain call data.…
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The EU competition enforcer said in a statement: Today’s decision, correcting the procedural error and including a detailed reasoning on the fine calculation, imposes fines on the three entities of ICAP having participated in the five infringements at the time. The ruling from 2015 accused ICAP of Libor rigging the yen in several cartels with…
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CS&C’s general pool held firm and client money for both UK and non-UK clients. The FCA determined that the CSUK failed to arrange adequate protection for its clients’ assets under UK rules including: The firm did not have the right records and accounts to identify its customers’ client assets The firm did not undertake internal…
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