The latest compliance issues in wealth management across the UK, Europe, Middle East and Africa.

Central Bank of Ireland
The Central Bank of Ireland has imposed a fine of €443,000 ($514,000) on Appian Asset Management for regulatory breaches causing the loss of client funds.

It reprimanded Appian AM for significant breaches across three regulatory regimes: client asset, anti-money laundering, and fitness and probity.  

The firm has admitted the regulatory breaches.

Appian AM’s regulatory failures left it exposed to a cyber-fraud by a third party where, acting on the instructions of a fraudster impersonating a client, it facilitated a series of transactions resulting in the loss of €650,000 of a client’s funds. The client was fully reimbursed.

FCA
The UK’s financial watchdog FCA has said fraudsters are using the details Satis Asset Management to convince people that they work for a genuine and authorised firm.

The FCA calls them “clone” firms because fraudsters usually use this tactic when contacting people out of the blue. They may use the name of the genuine firm and the firm reference number (FRN) that it has given the authorised firm, but they are not authorised or registered by the FCA.

Here are the details of the “clone" firm:
Satis Asset Management (clone of FCA authorised firm)
Address: 45 Pall Mall, London, UNITED KINGDOM, SW1Y 5JG
Telephone: 02032907465
Clone firm are using same address as authorised firm.
Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

Here are the authorised details of the real firm:
Firm Name: Satis Asset Management Limited
Firm Reference Number: 761140
Address: 45 Pall Mall
London, SW1Y 5JG, UNITED KINGDOM
Telephone: 442070047121
Website: www.satisuk.com