FINRA ramps up anti-money laundering compliance actions at securities firms

Tweet The Financial Industry Regulatory Authority (“FINRA“) announced today that it filed a  Complaint against Wedbush Securities Inc. for alleged egregious and systemic anti-money laundering compliance infractions. According to the Wall Street Journal’s Risk & Compliance Journal, FINRA has made enforcement of securities anti-money laundering a priority. According to securities firms in Toronto, so have […]

Canadian tax lawyer indicted in US for money laundering

Tweet International tax lawyer and former fund manager from Quebec indicted after IRS sting The arrest of two Canadians from Quebec, Eric St-Cyr, an investment fund manager, and Patrick Poulin, a lawyer, in the US over money laundering charges hit the news today when their cases were transferred to Florida for prosecution. St-Cyr and Poulin […]

SEC crowdfunding rules include anti-money laundering and financial crime requirements while Canadian regulators lag behind on issuing rules

Tweet After more than a year, the U.S. Securities and Exchange Commission has released draft crowdfunding equity rules (the “Rules“) for comment under the U.S. Jumpstart Our Business Startups Act (the “JOBS Act“). The JOBS Act was brought into force in 2012 in an effort to facilitate the injection of capital in growing companies and start-ups. With respect to crowdfunding, its objective […]

The $10 million AML compliance plan that cost a hedge fund $1.8 billion

Tweet Largest insider trading settlement ever SAC Capital Advisors has reached a global settlement (the “Settlement“) with the U.S. Department of Justice to plead guilty to insider trading, pay a record US$1.8 billion penalty, and agree to a term of probation of five years. The Settlement is the largest financial penalty in history for insider […]

Vietnam implements anti-money laundering decree

Tweet Response to FATF blacklisting Following years of pressure, the Socialist Republic of Vietnam has implemented anti-money laundering legislation which took effect on Friday. The move was in response to the blacklisting of Vietnam  in June by the Financial Action Task Force (“FATF“) for  lax anti-money laundering (“AML“) and counter terrorist financing (“CTF“) controls. 14 […]

Operation Broken Trust indictees charged with money laundering

Tweet Several of the people named in today’s nationwide crackdown in the U.S. known as “Operation Broken Trust” have been charged, and in some cases already convicted, of money laundering. Operation Broken Trust is the first national effort in the U.S. aimed at cracking down on investment fraud schemes. It involved enforcement actions against 343 […]

IIROC releases anti-money laundering guide for securities dealers

Tweet The Investment Industry Regulatory Organization of Canada has published a new anti-money laundering guidance brochure that provides some background information on the Canadian anti-money laundering and terrorist financing requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act applicable to dealers in Canada. The new brochure replaces the IDA’s 2002 “Deterring Money Laundering […]