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ACA Compliance Group sells majority stake in Cordium Malta Limited

ACA has sold its majority stake in Cordium Malta Limited (“CML”) to Adam de Domenico. ACA acquired the entity in August 2018 as part of the acquisition of Cordium.

Press Release
  • ACA News
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Preventing Stormy Security Weather in Your Microsoft Office 365 Cloud Environment

Companies are relying increasingly on cloud service providers for conducting business, including storing data, hosting email, and more. But with the increasing regulatory focus on the risk of cloud data storage, is the forecast for cloud solutions stormy?

Article
  • Cybersecurity
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Capital One Breach Affects 100 Million Customers

On July 29, Capital One Financial Corporation announced that it had suffered a breach on July 19. On that date, an outside individual illegally accessed the personally identifiable information of over 100 million of its customers.

Cyber Alert
  • Cybersecurity
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New York State's SHIELD Act Signed into Law

The SHIELD Act significantly expands New York State's breach notification law.

Compliance Alert
  • Cybersecurity
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OCIE Issues Risk Alert Highlighting Deficiencies in Compliance, Supervision, and Disclosure of Conflicts of Interest

The SEC's OCIE issued a Risk Alert detailing compliance issues noted during examinations of advisers who hire or employ individuals with a history of disciplinary events.

Compliance Alert
  • Compliance
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Investment Adviser Standard of Conduct and Form CRS – What You Need Know (Part 2 of 2)

On June 5, 2019, the U.S. Securities and Exchange Commission issued the Standard of Conduct for Investment Advisers interpretation to reaffirm and clarify the SEC’s views of the fiduciary duty that investment advisers owe to their clients under the Investment Advisers Act of 1940.

Compliance Alert
  • Compliance
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Mirabella Group Launches New Tied-Agent Service in Malta

Mirabella Group, the regulatory hosting arm of ACA Compliance Group, announced that it has enhanced its hosting services in Malta by adding a Tied Agent solution to its existing alternative investment fund manager (AIFM) service. This new solution helps non-European Economic Area (EEA) firms to interact with their EEA clients using MiFID passporting.

Press Release
  • Mirabella
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MiFID II transaction reporting – Firms are still getting it wrong

Whilst the FCA’s priorities appear, for the time being, to be on understanding the nature and scale of reporting data errors and how they are addressed, failings under MiFID I moved it to take several high-profile enforcement actions. It is imperative that firms get to grips with their MiFID II transaction reporting processes and data quality checks as soon as possible.

Compliance Alert
  • Compliance
  • Trade & Transaction
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IIA Releases an Exposure Draft To Revise Their Three Lines of Defense Model

On June 17, 2019, The Institute of Internal Auditors (the IIA) released an Exposure Draft (the Draft) on a study being conducted to review and modernize the Three Lines of Defense Model (3LoD). The Draft has been released for public comments from June 20, 2019 and September 19, 2019 and reflects the thoughts and analysis of a working group, chaired by Jenitha John, Vice Chairman of The IIA Global Board of Directors; and Chief Audit Executive, FirstRand Ltd.

Article
  • AML and Financial Crime
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FinCEN Issues Updated Advisory on Business Email Compromise Fraud

On July 16, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an update to the September 6, 2018 advisory, "Advisory to Financial Institutions on E-mail Compromise Fraud Schemes." The updated advisory indicates a sharp rise in business email compromise (BEC) fraud across financial services and other industries.

Compliance Alert
  • Cybersecurity