News Nuggets | 7 December: CySEC Fines 3 Companies; Nasdaq Appoints New Director

<p>CySEC Imposes Fines for
Non-Compliance with AML Laws</p><p>The Cyprus
Securities and Exchange Commission (CySEC) imposed fines on three companies
today (Thursday) for non-compliance with anti-money laundering and terrorist
financing laws. Egard Management Ltd faced the highest fine among the three,
amounting to €4,000, </p><p>This
decision, made by CySEC's Board was due to Egard Management's failure to
comply with several key sections of the Prevention and Suppression of Money
Laundering and Terrorist Financing Law. </p><p>Enter
Winglobe Management Ltd was fined a total of €1,500. Similarly, Apollo (Cyprus)
Limited was fined €1,500 for failing to comply with the same sections as Egard
and Enter Winglobe. </p><p><a href="https://www.financemagnates.com/tag/cysec/" target="_blank" rel="follow">CySEC's</a> actions
against these companies remind all firms operating in Cyprus's financial sector
to adhere strictly to legal requirements to avoid similar penalties.</p><p>SoFi Securities Accepts
FINRA Sanctions </p><p>SoFi
Securities LLC, a FINRA member since 2011, recently faced allegations from
FINRA for failing to establish adequate supervisory systems and making
misleading statements to customers. The company, known for offering
commission-free trading through its mobile app and website, was found to have
violated several FINRA rules, particularly in its fully paid securities lending
business.</p><p>Between
January 2019 and March 2023, SoFi did not have a proper supervisory system in
place, resulting in automatic enrollment of over two million customers into its
fully paid securities lending program without proper consent or transparency.
Additionally, SoFi distributed documents containing false information about the
compensation for customers participating in this program. </p><p>SoFi has
agreed to a <a href="https://www.financemagnates.com/terms/s/settlement/">settlement</a> with FINRA, including a censure, a $500,000 fine, and
restitution of over $198,000. </p><p>Malaysia's Securities
Commission Updates Investor Alert List</p><p>The
Securities Commission <a href="https://www.financemagnates.com/tag/malaysia/" target="_blank" rel="follow">Malaysia </a>has refreshed its investor alert list. This list
serves as a cautionary guide for investors, highlighting unauthorized websites,
investment products, companies, and individuals. The recent update includes the
addition of Batu Kawan Bhd and UAG Markets as potential clone entities.</p><p>The list on
the Securities Commission's website is regularly updated and is not exhaustive.
The Commission encourages public vigilance and reporting of suspicious capital
market activities.</p><p>Nasdaq Appoints European
Market Services President</p><p>Roland Chai
has been appointed as the President of European Market Services at <a href="https://www.financemagnates.com/tag/nasdaq/" target="_blank" rel="follow">Nasdaq</a>,
effective 1 January 2024. He will oversee multi-asset trading, clearing,
listings, and market services across various European stock exchanges.</p><p>Nasdaq's
European markets play a pivotal role in innovation, economic growth, and
prosperity in the Nordic and Baltic regions. With a commitment to technology
leadership and sustainability, Nasdaq is a key player in the development of
efficient and transparent capital markets.</p><p>SFC Publishes Quarterly
Report</p><p>The
Securities and Futures Commission's (<a href="https://www.financemagnates.com/tag/sfc/" target="_blank" rel="follow">SFC</a>) Quarterly Report showcases robust
growth in exchange-traded funds (ETFs) and the number of open-ended fund
companies in Hong Kong. ETFs saw significant net inflows and increased average
daily turnover.</p><p>The SFC
reported on various initiatives, including enhancements to Stock Connect and
Wealth Management Connect, efforts to improve market liquidity, and the
issuance of new corporate licenses. The report further highlights the SFC's focus
on virtual asset trading platforms and its steps to reinforce market resilience
and manage risks.</p><p>KPMG Explores Merger of The UK
and Swiss Businesses</p><p><a href="https://www.financemagnates.com/tag/kpmg/" target="_blank" rel="follow">KPMG</a>, one
of the “big four” accounting firms, is considering merging its UK and Swiss
businesses. This move is aimed at fostering growth, profitability, and
sustainability.</p><p>The merger
would combine the resources of KPMG's UK and Swiss units, aligning
approximately 19,600 employees. This strategic move follows job cuts in KPMG's
UK deal advisory business.</p><p>Royal Bank of Canada Fined
for AML Violations</p><p>FINTRAC has
fined the Royal Bank of Canada (<a href="https://www.financemagnates.com/tag/rbc/" target="_blank" rel="follow">RBC</a>) over $7.5 million for non-compliance with
anti-money laundering regulations. The violations include failing to report
suspicious transactions, inadequacies in transaction reports, and outdated
policies.</p><p>The penalty
emphasizes the importance of adhering to anti-money laundering and
anti-terrorist financing regulations. RBC is expected to enhance its <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a>
measures in response.</p><p>FintechOS Announces Major
Update</p><p>FintechOS
has unveiled FintechOS 24, a significant update to its fintech enablement
platform. This version introduces a generative AI-enabled product designer for
streamlined development of financial products.</p><p>The update
aims to simplify and accelerate the creation and management of banking and
insurance products, especially for companies facing rapid industry changes and
competition.</p><p>CLS Welcomes Taipei Fubon
Bank to CLSNet</p><p>Taipei
Fubon Bank became the first Taiwanese bank to join CLSNet, <a href="https://www.financemagnates.com/tag/cls/" target="_blank" rel="follow">CLS’s </a>bilateral
payment netting calculation service. This addition to the CLSNet community,
which includes top global banks, marks a significant step for CLS in expanding
its services in the Asia Pacific region.</p><p>CLSNet
provides a platform for standardization and automation, reducing risks and
operational costs in foreign exchange markets. Taipei Fubon Bank's
participation will enhance its post-trade processes and contribute to market
stability and efficiency.</p>

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