MyComplianceOffice Blog

Compliance is a crucial business function for every large-scale and small-scale organisation. It is imperative that organisations monitor the compliance landscape on a consistent basis. However, doing so requires a great deal of time and resources, and remaining compliant at all times is an even bigger task.

Every single firm, no matter how big or small, has to adhere to all the latest regulations, requirements and laws. However, many small-sized firms struggle with meeting their compliance obligations, as they lack sufficient resources to properly manage this area.

The regulatory framework for Digital Assets and Cryptocurrencies (Crypto) has been rapidly evolving. Regulators expect that firms play their part to ensure that investing in crypto is as safe as possible for investors and customers or else enforcement will be pursued.

Failure to disclose connected persons and personal relationships as required by firm policies and jurisdictional regulations can lead to significant consequences for both an individual and their firm. Recent events saw two high-profile media executives resign from their jobs because they failed to disclose their relationship under the organization’s disclosure policies, not because of the nature of the relationship itself. 

In January 2022, Hong Kong’s financial-markets regulator fined a large Asian Bank HK$348.25m ($44.7m) for misconduct on some of the bank’s equities-trading desks between 2008 and 2018. The regulator concluded that the bank was using deceptive practices to increase its market share and business, in addition to breaking the trust of clients.