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The United Kingdom's Financial Conduct Authority (FCA) has fined HSBC Bank plc nearly GBP64 million for shortcomings in implementing its anti-money laundering (AML) policies. HSBC has used automated processes to monitor transactions and identify possible financial crimes. However, the FCA has revealed that key parts of HSBC's transaction monitoring systems showed serious weaknesses between 2010 and 2018....
VoyaFX is a trading name of the European brokerage company FH Ever JSCo. It is authorized and regulated in the EU by the BFSC. The European license allows it to provide financial services, including forex trading and CFD trading, in accordance with ESMA requirements. The services include reception and transmission of orders in relation to financial instruments,...
Financial technology service provider WEX, based in Portland, Maine, has agreed to pay USD350,000 as part of an agreement with the US Securities and Exchange Commission (SEC) on breaches of internal accounting control provisions in the federal securities laws. The SEC reports that an independent auditor found several violations in WEX's internal control over financial reporting (ICFR)...
Italy’s Companies and Exchange Commission (CONSOB) has continued to expand its blacklist of unauthorized and abusive websites of financial companies whose access is blocked on Italian territory. They include: 24tradex.com and 24tradex.co of 24tradex, fxgiants.com of Notesco Limited, gdenlinea.net of GDenlinea, profitmarketscfd.com of ProfitMarketsCFD, renaissanceinvestltd.net of Renaissance Invest LTD, and tradesactions.com of Trade Action Ltd.
The US Securities and Exchange Commission (SEC) has sued Marc Demane Debih, 51, claiming he earned at least USD49 million from insider trading just ahead of corporate announcements from 2011 until at least 2017. Several others have joined the scheme, including the former banker of Goldman Sachs Group Inc. Brian Cohen. Mr. Debih pleaded guilty under a...
Italy’s Companies and Exchange Commission (CONSOB) has continued to block the access from Italian territory to five more unauthorized financial websites. They include: coniusfx.com of ConiusFx, eglsverigeab.com of EGL Sverige AB, euromts.io of Dzikanta Limited, maxiplus.trade of Seabreeze Partners Ltd, and newfx.co of NewFx Ltd. CONSOB has the right to order Internet service providers...
The Financial Industry Regulatory Authority (FINRA) fined StoneX Financial Inc USD60,000 for multiple compliance failures. According to the official announcement, FINRA found that between the end of 2017 and the middle of 2018, StoneX failed to immediately display, route, execute or cancel 27 out of 35 of customer limit orders. In addition, the financial company failed to...
The Belgian Financial Services and Markets Authority (FSMA) says it continues to receive complaints from consumers about new fake social media ads for scam. These fake ads, for example, include an offer for a training course. After clicking on the ad and providing their contact details, scam companies call the victims with a specific investment offer. The...
A jury in Brooklyn Federal Court has found John Won guilty on charges of securities fraud, money laundering conspiracies, and especially large-scale securities fraud. When sentenced, Won faces a maximum of 20 years in prison. Between February 2012 and December 2013, Won and accomplices participated in a scheme to defraud victims of the...
The UK's Supreme Court has rejected a lawsuit seeking billions of pounds (up to GBP750 per iPhone user) in compensation from Google for allegedly illegally tracking millions of iPhone users. According to the judge, the plaintiff had failed to prove that the individuals had been harmed by the data collection. However, he did not rule out the...