Softek

Finra has fined a New Jersey based firm for failing to establish, uphold, and enforce WSPs reasonably designed to achieve compliance with Reg BI and Form CRS. See more here: https://lnkd.in/gTm4kVHg. At Softek Compliance, we can help your firm meet Reg Bi and Form CRS requirements to avoid unnecessary fines. View our services here: https://lnkd.in/eQUvAYc7. #RegBI #FormCRS #Finra #SoftekCompliance

Danish police's Special Crime Unit (NSK) is taking legal action against a Finnish bank for alleged violations of AML laws. The case involves the bank's handling of transactions by Russian customers worth over $3.77 billion. For more information: https://lnkd.in/e-5WbC_Y. Additionally, BaFin has threatened Berlin-based bank for its lack of improvement on AML controls. See more here: https://lnkd.in/dEXCm6pq. AML remains a global issue for firms, and at Softek Compliance, we work with clients worldwide to manage AML and any other compliance issues that arise. View our services here: https://lnkd.in/eQUvAYc7. #AML #BaFin #NSK #SoftekCompliance

Amid the ongoing legal challenges surrounding the retirement security rule and the possibility of its delay, modification, or repeal, financial professionals must remember to prepare for compliance. As the September 23rd implementation date approaches, delaying compliance creates risk of regulatory consequences. For more information: https://lnkd.in/eW6pqk_k. At Softek Compliance, we specialize in guiding our clients through the complexities of today’s ever-changing regulatory landscape. View our services here: https://lnkd.in/eQUvAYc7. #RetirmentSecurity #FiduciaryRule #SoftekCompliance

A major financial institution has agreed to pay an $850,000 fine to settle allegations of inadequate supervision involving a representative accused of unauthorized movements of client funds. For more on the story: https://lnkd.in/ekic6Juf. At Softek Compliance, we specialize in helping firms avoid such fines by implementing tailored internal control systems that can monitor employee activities. View our services here: https://lnkd.in/eQUvAYc7. #InternalControls #Finra #SoftekCompliance

Major financial firm has been fined $1.5 million by FINRA for inadequate supervision, leading to avoidable fees in client transactions. This penalty underscores compliance deficiencies that could have been avoided with stronger adherence to Reg BI standards for client protection and transparency. Read more here: https://lnkd.in/e5nCXhdw. At Softek Compliance, we can help your firm with updating policies and procedures to align with Reg BI requirements and provide training for reps. View our services here: https://lnkd.in/eQUvAYc7. #RegBI #FINRA #SoftekCompliance

The SEC has charged cryptocurrency-focused bank for misleading investors about their AML program strength and crypto customer monitoring during the FTX collapse. These compliance deficiencies led to significant financial losses and stock devaluation. See the SEC’s full release here: https://lnkd.in/ezdUgJt8. At Softek Compliance, we can help your firm achieve your compliance goals, including AML risk assessments and independent reviews. View our services here: https://lnkd.in/eQUvAYc7. #AML #RiskAssesment #SoftekCompliance

FinCEN has proposed a new rule aimed at strengthening AML and CFT programs across the financial sector. The new rule emphasizes the importance of tailored, risk-based assessments, and moving away from one-size-fits-all approach to customer risk management. See FinCEN’s full release here: https://lnkd.in/eGBKu6FS. At Softek Compliance, we specialize in guiding our clients through the complexities of today’s ever-changing regulatory landscape. View our services here: https://lnkd.in/eQUvAYc7. #FinCEN #AML #CFT #SoftekCompliance

Another broker-dealer falls victim to regulatory scrutiny following unauthorized money transfers and improper use of personal devices. The broker accepted a suspension and fine after transferring funds without authorization and sending business texts from a personal phone, breaching company policies and regulatory standards. For more information: https://lnkd.in/e44xZa48. At Softek Compliance, we specialize in guiding broker-dealers and financial firms through the complexities of today’s ever-changing regulatory landscape. View our services here: https://lnkd.in/eQUvAYc7. #Finra #BrokerDealers #BrokerMisconduct #SoftekCompliance

Enrollment into the first year of FINRA’s new Remote Inspections Pilot Program for eligible member firms closes on June 26th. Firms can enroll via FINRA Gateway for the period that will run from July 1st to December 31st, 2024. The Pilot Program will enable broker-dealers to fulfill their inspection obligations, without an on-site visit to the office or location. FINRA Rule 3110.18 contains additional requirements for remote inspections including conducting risk assessments, implementing written supervisory procedures, and submitting inspection data to FINRA. For more: https://bit.ly/4eG51bM. Compliance officers, we can help you meet regulatory and inspection requirements through our services here: https://lnkd.in/eQUvAYc7. #FINRA #BrokerDealers #Compliance #SoftekCompliance

Broker-dealers, investment advisors, and investment companies now are required to develop and maintain written policies and procedures aimed at detecting unauthorized access to or use of client information, the SEC announced. Also now required is a response program to provide notice to customers whose info was or may have been accessed or used without permission. For more: https://bit.ly/3K2P6pE. Compliance officers, we can help you meet regulatory requirements through our services here: https://lnkd.in/eVZ2Wme8. #Softekcompliance #Softek #softekbit #compliance #SEC #brokerdealers