08/30/2018
'Widespread confusion' among advisers about Mifid II rules
Only 5 per cent said they were aware of the obligations under the new product governance rules while 58 per cent said they were not aware of this regime.
Legal,Regulation,Tax & Compliance
08/30/2018
Poland: New Law On Cybersecurity In Poland
The ANCS will introduce a national cybersecurity system, which will include the biggest service providers from various sectors in Poland, as well as governmental and local administration.
08/30/2018
SA tech entrepreneur charged for fraud in New York amid shocking allegations of how he may have lied and cheated to get money
A SA entrepreneur has been charged for fraud in the US as the authorities there accuse him of stealing almost R9 million from investors in a “massive securities fraud scheme”.
08/29/2018
Swiss watchdog to propose looser anti-money laundering rules for fintechs
Under its terms small institutions, unlike banks, will not for instance have to establish an independent anti-money laundering unit with monitoring duties, it said. The move comes after Switzerland’s parliament voted in June to amend the Swiss
08/29/2018
PIMFA launches data sharing platform to combat financial crime
The launch comes after new UK legislation in the Criminal Finances Act 2017 designed to protect regulated entities when they share information on money laundering suspicions.
08/27/2018
Nikko AM NZ granted robo-advice exemption by FMA
The exemption clears the way for Nikko AM NZ to launch an online service that will begin offering robo-advice to Kiwis via a custom-made digital platform later this year.
08/24/2018
China to block more than 120 offshore cryptocurrency exchanges as crackdown escalates
China is poised to block more than 120 foreign cryptocurrency exchanges as part of the government’s broader crackdown on activities related to digital money, according to state media. Authorities will block access in China to 124 websites operated
08/24/2018
New Bermuda Legislation Will Create a Novel Class of Bank to Service Fintech Companies
Legislation Is Latest Step to Propel Bermuda’s Fintech Initiative Forward
08/24/2018
FCA innovation dept grows 350% to keep up with robo-advice services
As a result, the FCA has required many of the robo-advisers which took part to make “significant changes” to their businesses.
08/22/2018
Brazil moves ahead with data protection law
The Brazilian President has approved a law focusing on data privacy that is being called, the ‘Brazilian GDPR’.
08/22/2018
Tech firms could become top shareholder of Internet-only bank: regulator
Choi also said that big companies in non-technology business sectors would be banned from becoming a top shareholder of an Internet-only bank.
08/22/2018
UMB Fund Services adopts Temenos tech for ETF drive
Fund administrators have highlighted the importance of the ETF to their growth plans, but operational technology were highlighted as a challenge for growth.
08/21/2018
Alleged head of BitConnect cryptocurrency scam arrested in Dubai
BitConnect has been accused of operating an exit scam after duping investors out of millions of rupees.
08/21/2018
SEC Charges Technology Fund Adviser, Founder in Fraudulent Scheme
The SEC’s investigation was conducted by Eric Brooks, Michael Foley, and Ellen Chen, and was supervised by Jeremy Pendrey of the Enforcement Division’s Asset Management Unit in the San Francisco Regional Office.
08/20/2018
$24M Thailand Bitcoin Fraud Case Update; Three Banks, Investor and Family on the Hook
The $24 Million Thailand Fraud Case Entangles A Leading Stock Investor And Bank Employees
08/20/2018
[KOREA] Gov’t searches for a way to deregulate internet-only banks
The regulation dates back to 1982, when the government attempted to prevent banks from being exploited as the personal piggy banks of chaebol-owner families.
08/19/2018
Chinese police nab suspects after S$120 million cryptocurrency theft
The police investigation is still underway, it said, with officers in three provinces working together last week to take the suspects into custody.
08/17/2018
SEC charges Ameriprise over insider theft
Without admitting or denying the findings, Ameriprise agreed to be censured and pay a penalty of $4.5 million.
08/17/2018
Specialist UK police unit prevents £25m of fraud in first half of 2018
26 fraudsters were convicted between January and June 2018
08/15/2018
SEC bars perpertartor of ICO fraud
The SEC’s order finds that the defendants’ promotional materials used inflated projections of oil production that were contradicted by the company’s own internal analysis