SEC fines broker-dealer $1.5M for SARs filing failures
Kyle Brasseur, 12 May 2021
A Colorado-based broker-dealer will pay $1.5 million as part of a settlement with the Securities and Exchange Commission (SEC) announced Wednesday for lapses in the filing of suspicious activity reports (SARs) related to the threat of cyber-breaches.
GWFS Equities, an affiliate of Great-West Life & Annuity Insurance Company, provides services to employer-sponsored retirement plans. The company was allegedly the victim of multiple attempts by bad actors to access the retirement accounts of individual plan participants. GWFS failed to file approximately 130 SARs related to these incidents as required, according to the SEC. Continue reading “Article: SEC fines broker-dealer $1.5M for SARs filing failures”
PayThink The pandemic has given launderers a new window
Martin Cheek, 11 May 2021
The shift to digital has also made it simpler for people to find ways to game the system and commit fraud, money laundering, and other illegal activities.
Thanks to the coronavirus, the vast majority of us now spend more time online than ever. Tasks that we once performed in person, such as going to the grocery store or buying stamps, are now done in the comfort of our own homes. Even going to the bank has become a virtual process, with more and more people opting to deposit checks and manage investments directly from their mobile phones. Continue reading “Article: PayThink The pandemic has given launderers a new window”