News Nuggets | 2 October: ADMISI to Pay £6.5M Fine; MetaTrader 5 Presents New Update

<p>FCA Fines ADM Investor
Services</p><p>The
Financial Conduct Authority (<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>) has imposed a fine of £6,470,600 on ADM
Investor Services International Limited (ADMISI) for significant shortcomings
in its anti-money laundering (AML) systems. The broker's business model and
client base, which included Politically Exposed Persons, posed a high risk of
money laundering. Despite warnings from the FCA since 2014, ADMISI failed to
improve its AML systems, leading to the fine. The firm has accepted the FCA's
findings and has taken remedial action to address the issues.</p><p>Therese
Chambers, the Joint Executive Director of Enforcement and Market Oversight at the
FCA, emphasized the importance of effective AML checks for financial firms.
ADMISI's failures put the firm at risk of being used for financial crimes, even
after receiving clear warnings to improve its systems. The firm did not contest
the penalty and qualified for a reduction of 30% in the fine due to its acceptance
of the FCA's findings.</p><p>MetaTrader 5 Introduces
New Trading Report and Web Terminal Features</p><p><a href="https://www.financemagnates.com/tag/metatrader/" target="_blank" rel="follow">MetaTrader
5 </a>has rolled out its build 4000 update, which brings several enhancements to
its trading reports and web terminal. The update includes a new display for
monthly funds growth in trading reports, accessible through the Summary report
in Balance mode. </p><p>Other
improvements include a fixed and enhanced display of trading reports, an update
to ONNX Runtime version 1.16, and various user interface translations. The web
terminal also received fixes for password changes and account opening dialogs
and improvements in displaying Stop Loss and Take Profit values.</p><p>Tusk Capital Management
Loses Regulatory Permission</p><p>In a separate
case, the FCA has revoked the Part 4A permission of Tusk <a href="https://www.financemagnates.com/tag/management/" target="_blank" rel="follow">Capital Management</a>
Limited, effectively barring the firm from conducting any regulated activities.
The decision came after the firm failed to submit required returns and information
to the Authority despite multiple notices. </p><p>Tusk Capital Management did not
respond to the Authority's notices and failed to take corrective steps, leading
to the cancellation of its regulatory permission.</p><p>Tap Global Group Announces
US Launch</p><p>Tap Global
Group Plc, a regulated <a href="https://www.financemagnates.com/tag/cryptocurrency/" target="_blank" rel="follow">cryptocurrency app</a>, has announced its plans to launch in
the United States through a partnership with Chicago-based Zero Hash LLC. The
move aims to tap into the US's large cryptocurrency market, offering access to
24 digital assets, including BTC, ETH, XRP, and USDC. The app is expected to
launch in the fourth quarter of 2023, targeting a significant waiting list of
potential users in the US.</p><p>David Carr, the CEO of Tap Global Group, expressed excitement about the US launch, emphasizing
that Tap offers a secure and regulated platform. The company aims to fill the
gap left by platforms currently under regulatory scrutiny for their lax
approach to consumer safety and digital assets.</p><p>CFTC Charges LYFE for
Regulatory Violations</p><p>The
Commodity Futures Trading Commission (<a href="https://www.financemagnates.com/tag/cftc/" target="_blank" rel="follow">CFTC</a>) has charged Switzerland-based LYFE,
SA, with regulatory violations, including failure to register as a futures
commission merchant and inadequate anti-money laundering procedures. LYFE has
been ordered to pay a civil penalty of $175,000 and disgorge $37,014.81 in
profits. The penalty was reduced due to LYFE's cooperation with the
authorities.</p><p> Ian McGinley, the Director of
Enforcement, stressed the importance of firms adhering to market
rules and AML responsibilities, warning that non-compliance would lead to
enforcement actions.</p><p>Ex-Goldman Associate Faces
Insider Trading Charges</p><p>US
prosecutors have charged Anthony Viggiano, a former <a href="https://www.financemagnates.com/tag/goldman-sachs/" target="_blank" rel="follow">Goldman Sachs</a> employee,
with securities fraud for allegedly sharing insider information with friends.
The information was shared through apps like Signal and Xbox audio chat to
evade law enforcement. Based on this information, Viggiano and his friends
reportedly made over $400,000 from trades.</p><p>Viggiano
faces multiple counts of securities fraud, each carrying a maximum sentence of
20 years in prison, and one count of conspiracy, which carries up to five
years. One of his friends, Christopher Salamone, has pleaded guilty and is
cooperating with prosecutors.</p><p>BaFin Appoints Monitor at
Deutsche Bank for Postbank Issues</p><p>Germany's
top financial regulator, <a href="https://www.financemagnates.com/tag/bafin/" target="_blank" rel="follow">BaFin</a>, is installing a special monitor at Deutsche
Bank to supervise consumer service issues at its Postbank unit. This move comes
as a blow to Deutsche Bank's reputation, which fines for lapses in money
laundering controls and other penalties have already tarnished. </p><p>The
regulator termed the disruptions in Postbank's online services and long
customer service processing times as "unacceptable". Deutsche Bank
stated that resolving the issue is of the "highest priority" and that
they are making progress as part of an action plan agreed with BaFin.</p><p>UBS Adopts Broadridge's
New DLT-Powered Repo Solution</p><p>Broadridge
Financial Solutions announced that <a href="https://www.financemagnates.com/tag/ubs/" target="_blank" rel="follow">UBS</a> has successfully gone live on its newly
launched Distributed Ledger Repo platform. The platform aims to provide
significant settlement cost savings, process simplification, and reduced
operational risks through distributed ledger technology and smart contracts. </p><p>Christian
Rasmussen, the Head of Investment and Execution at UBS, stated that the platform
would increase efficiencies and lower settlement costs. Broadridge aims to
transform the global repo market infrastructure, capturing $1 trillion in
monthly volume.</p><p>Redwood Plans Reverse
Takeover of R8 Capital Investments</p><p>UK-based
<a href="https://www.financemagnates.com/tag/neobanks/" target="_blank" rel="follow">challenger bank</a> Redwood is planning a reverse takeover of London-listed R8
Capital Investments. Under the terms of the deal, R8 will acquire the entire
issued share capital of Redwood Financial Partners Ltd, giving its shareholders
a majority holding in R8. </p><p>The bank
aims to raise fresh capital through a new issue, which will be contributed as
common equity tier 1 regulatory capital. Redwood, which focuses on offering
secured SME mortgages, has seen significant growth since its launch in 2017,
posting a pre-tax operating profit of £2.2 million in 2021.</p>

This article was written by Damian Chmiel at www.financemagnates.com.