Compliance & Ethics

Press Release - 6clicks, an AI-powered GRC platform for businesses and advisors, today announced the 6clicks Trust Portal to empower organizations to share their privacy profiles securely while maintaining the highest levels of privacy and security. By enabling businesses to share privacy, security and compliance information with clients, partners, and regulators in a granular and controlled manner, the Trust Portal establishes a new standard for building trust and transparency within the industry.

In an ongoing legal battle, Binance, the world's largest cryptocurrency exchange, along with its CEO Changpeng Zhao, has filed a motion to dismiss a complaint brought against them by the U.S. Commodity Futures Trading Commission (CFTC). The company made this announcement in a court filing on Thursday.

The Consumer Financial Protection Bureau (CFPB) has released its latest Supervisory Highlights report, revealing a range of concerning and illegal practices in the consumer financial services industry. The report, covering the period from July 2022 to March 2023, exposes unfair, deceptive, and abusive practices across various financial products, raising the need for enhanced regulatory compliance.

The U.S. Department of Justice (DOJ), in collaboration with the Department of Commerce's Bureau of Industry and Security (BIS) and the Treasury Department's Office of Foreign Assets Control (OFAC), has released joint compliance guidance focused on voluntary self-disclosure policies pertaining to U.S. sanctions, export controls, and other national security laws. The note includes recent updates to certain policies and aims to inform the private sector about enforcement trends while offering guidance to businesses on compliance with U.S. sanctions and export laws.

Germany is taking significant steps to strengthen its anti-money laundering (AML) efforts by introducing a new regulatory body, the Federal Bureau of Financial Intelligence, according to a draft of the planned legislation obtained by Reuters. For compliance teams in organizations operating in or with ties to Germany, this new development holds critical implications that will impact their AML practices and responsibilities.

The Financial Industry Regulatory Authority Inc. (FINRA) has imposed a $3 million fine on LPL Financial for significant compliance failures, resulting in two financial advisors misappropriating $2.4 million from 13 clients, primarily senior citizens. The advisors, whose names were not disclosed in the settlement, engaged in deceptive practices from May 2018 to August 2020, wherein they siphoned clients' funds by directing them to write checks or make wire transfers to entities they controlled. The two advisors acted independently of each other, according to FINRA.

The Securities and Exchange Commission (SEC) has announced the appointment of Natasha Vij Greiner and Keith E. Cassidy as interim Acting Co-Directors of the Division of Examinations. The appointments are effective immediately, as Division Director Richard Best is on extended medical leave from the agency.