GRC Report Staff

FinCEN has issued a renewed Geographic Targeting Order (GTO) imposing additional recordkeeping and reporting requirements on certain money services businesses (MSBs) operating along the Southwest border. This action requires affected MSBs to report cash transactions at lower thresholds than standard Bank Secrecy Act requirements, reflecting continued regulatory concern over cross-border illicit finance, including drug trafficking and smuggling proceeds. Compliance teams at impacted MSBs must promptly update transaction monitoring and reporting procedures to remain compliant with the order's specific geographic and dollar-threshold triggers.

The UK Financial Conduct Authority has issued a warning that fraudsters are using the name and credentials of FCA-authorized firm Fortrade Limited to operate a "clone firm" scam, targeting consumers through a fraudulent website (fortradelimited.com). This alert is being circulated by the Norway Financial Supervisory Authority, indicating cross-border regulatory awareness and distribution of the warning to protect consumers in multiple jurisdictions.

The SEC has approved FINRA's proposed amendment to Rule 4515.01, eliminating the principal approval requirement for all investment adviser bulk order allocations regardless of when allocation instructions are received. This change, effective immediately upon approval, reduces operational burdens for member firms while relying on T+1 settlement infrastructure, Rule 15c6-2 allocation requirements, and existing fiduciary and anti-fraud provisions to maintain investor protections.

The Norway Financial Supervisory Authority has issued a warning identifying "Aseviaventure" as a cloned entity, originally flagged by Spain's CNMV, which is operating without proper authorization. Compliance teams should treat this as a boiler-room/clone-firm risk indicator and ensure this entity name is screened against client and counterparty records.

The Luxembourg financial regulator (CSSF) has issued a public warning alerting market participants to fraudulent activities by unauthorized persons misusing the name of Clearstream Banking S.A. Compliance teams should treat any unsolicited communications referencing Clearstream with heightened scrutiny and verify authenticity through official channels before engaging.

BaFin has issued a public warning against the website 37mh(.)com, which is offering cryptocurrency services in Germany without the required authorization and falsely claiming BaFin supervision. This serves as a reminder to compliance teams of ongoing enforcement against unlicensed crypto operators and the importance of verifying regulatory claims made by third parties or counterparties.

The Norway Financial Supervisory Authority, referencing an alert from Spain's CNMV, has issued a warning identifying "IBROKERGM" as a clone entity falsely claiming association with an authorized financial services provider. Compliance teams should treat this as an active consumer-protection and fraud-prevention alert requiring immediate screening against client and counterparty databases.