Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
Massachusetts Secretary of the Commonwealth William Galvin sent inquiry letters to Morgan Stanley, JP Morgan Chase and E*Trade, among others, asking about their supervisory policies and procedures for artificial intelligence.
In a new risk alert, SEC examiners stressed that firms have appropriate staffing to comply with AML regulations, especially after the wave of sanctions following Russia’s invasion of Ukraine.
John Woods already pleaded guilty to federal charges that he raised more than $110 million in a Ponzi scheme. Plaintiffs in a suit against Oppenheimer & Co. claim the firm failed to protect his clients.
Adam and Daniel Kaplan were charged with wire and investment fraud and money laundering for misappropriating at least $5 million from dozens of clients, many of whom were elderly or disabled.
The SEC approved a plan on Wednesday to root out what Chair Gary Gensler has said are conflicts of interest that can arise when financial firms use artificial intelligence.
