Global Enforcement Update 6/11/24
Adding new regulatory bodies to our global enforcement tracker.
The Fintech Compliance Tracker continues to grow, as this past week we added 20 enforcement actions from the following regulatory agencies:
RBI - 7
SEBI - 11
FINMA - 1
FDF - 1
By now you should already be familiar with the RBI. But some background on the rest, being new bodies to the tracker:
SEBI - Securities and Exchange Board of India - They are India’s securities and commodities regulator, the equivalent of the SEC. For me, the most compelling thing is the types of fraud and scams they call out, which is volumes beyond what we see in the US. For all the advances India has made over the last 10-20 years, there is still a lot of corruption present in the country and it’s good to see organizations like SEBI rooting out. Examples including going after TV presenters for trying to pump up investments, shady finfluencer initiatives, insider trading, and more.
FINMA - Swiss Financial Market Supervisory Authority - They are Switzerland’s primary financial services regulator, covering everything from banks, insurance companies, stock exchanges, securities dealers and more. While they aren’t putting out enforcement actions as frequently as, say, India or the US, they do have cooperation agreements with other counterpart regulators across the EU which means they may very well feed information and receive information from others and contribute to actions taken by regulators even outside the country.
FDF - Federal Department of Finance (Switzerland) - This is essentially like Department of Treasury in the US, which means that its enforcement actions come into play (much like the US) when money-laundering surfaces (which in the US happens through OFAC). Not as frequent in publicly pursuing cases, although in our update this week there is one action against UBS (which seems like a slap on the wrist given the somewhat low size of the penalty) - no public orders provided.
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Lastly, if you’re interested in getting a preview of this tracker and connecting with other Fintech Compliance professionals, check out our next event on June 18 at 8PM EST - virtual. We hope you can attend!