Softek

The SEC and CFTC have fined 26 firms a total of $393 million for failing to preserve electronic communications made through unapproved platforms, violating recordkeeping laws. These fines highlight the SEC's ongoing initiative to crack down on off-channel communications. Read more here: https://lnkd.in/eaMbBG26. At Softek Compliance, our E-Comm services can help your firm navigate these challenges with tailored risk assessments, monitoring digital communications, and training on the appropriate use of electronic communication. View all of our offerings here: https://lnkd.in/eQUvAYc7. #EComm #SEC #CFTC #SoftekCompliance Click on the link below to subscribe to our mailing list! Stay informed with the latest in compliance news and gain insights into our compliance and regulatory expertise across AML, Electronic Communications Services (including off-channel communications), Registrations, CMA/NMA/RMA, Reg-BI, regulatory practices, risk management and others. https://lnkd.in/eJ2Rxdek

A broker-dealer is being fined for failing to establish effective policies and procedures to comply with Reg BI and Form CRS requirements, including inadequate procedures for conflicts of interest and supervisory systems. Read more here: https://lnkd.in/e84msB4x. 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

An investment banking firm will pay $16 million to resolve U.S. regulatory investigations into its record-keeping practices, specifically regarding unapproved business communications via messaging platforms. This settlement highlights the SEC’s broader initiative to ensure regulated firms are properly documenting employees' text messages and emails as remote work has increased. For more: https://lnkd.in/eCFdHD75. At Softek Compliance, our E-Comm services can help your firm through customizable risk assessments, digital communication surveillance, and training on the proper use of electronic communications. View all our offerings here: https://lnkd.in/eQUvAYc7. #ECommServices #SEC #RecordKeeping #SoftekCompliance Click on the link below to subscribe to our mailing list! Stay informed with the latest in compliance news and gain insights into our compliance and regulatory expertise across AML, Electronic Communications Services (including off-channel communications), Registrations, CMA/NMA/RMA, Reg-BI, regulatory practices, risk management and others. https://lnkd.in/eJ2Rxdek

Banking regulators have released a memo regarding their intent to intensify scrutiny of fintech-bank partnerships due to the compliance risks they pose. For example, because FinTech partners often work direct with customers, differences in KYC standards can lead to AML risks. Read more here: https://lnkd.in/ev_Y_475. At Softek Compliance, we assist FinTech companies in developing AML rules and regulations, as well as helping with tailored reports and testing to ensure compliance with regulatory standards. View our services here: https://lnkd.in/eB44sR4F. #FinTech #AML #SoftekCompliance Click on the link below to subscribe to our mailing list! Stay informed with the latest in compliance news and gain insights into our compliance and regulatory expertise across AML, Electronic Communications Services (including off-channel communications), Registrations, CMA/NMA/RMA, Reg-BI, regulatory practices, risk management and others. https://lnkd.in/eJ2Rxdek

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