AML / KYC

US Court Sentences Lawyer for “OneCoin” Fraud to 20 Years

01/02/2024

Mark Scott, formerly an equity partner at international law firm Locke Lord LLP, laundered $400mn of proceeds from the OneCoin fraud scheme.

Securities / Derivatives

Chinese State-backed Investors on ETF Buying Spree – Reports

01/02/2024

There have been “large and unusual flows” into ETFs tracking the CSI 300 this month, likely from state-backed investors.

AML / KYC

Australia-US Agreement on Electronic Data Access Comes Into Force

01/02/2024

The agreement will better enable US and Australian agencies to prevent, detect, investigate, and prosecute serious crimes.

Enforcement

Korea Passes Bill Strengthening Penalties for Insurance Fraud

01/02/2024

The amendments allow jail and fines for arrangements, inducements, recommendations, or advertising that leads to insurance fraud.

Crypto / Digital Assets

Crypto Lender Celsius Network Emerges from Bankruptcy

31/01/2024

Celsius, which filed for bankruptcy in July 2022, has commenced distributions of over $3bn of crypto and fiat to creditors.

Crypto / Digital Assets

UAE Completes First Cross-border Payment Using CBDC

31/01/2024

The transaction was sent to China through the “mBridge” platform, developed by the BIS Innovation Hub, HKMA, CBUAE, BOT, and PBOC.

Enforcement

NYAG Sues Citi for Failing to Protect Customers from Fraud

31/01/2024

NYAG says Citi does not implement strong anti-fraud defences, misleads account holders about their rights, and illegally refuses to reimburse fraud victims.

Sanctions

OFAC Sanctions Egypt, Turkey Nationals for Supporting ISIS

31/01/2024

Two Egyptian nationals created an online platform that provided instructions on donating funds to ISIS-affiliated entities.

Capital / Liquidity

Bank of China to Issue First Non-Capital TLAC Bonds

31/01/2024

Bank of China is the first Chinese D-SIB to disclose its intention to issue non-capital TLAC bonds ahead of a 2025 deadline to meet new capital rules.