ENFORCEMENT

AML / KYC

US Uncovers Drug Cartel Alliance With Chinese Money Launderers

By Editors | 19/06/2024

US authorities uncovered a partnership between Mexico’s Sinaloa Cartel and a Chinese underground money laundering syndicate.

Crypto / Digital Assets

Indian Court Rules Crypto Dealings Are Not Illegal

By Ajoy K Das | 19/06/2024

The court said that mere dealing in cryptocurrency “cannot be treated as illegal in any manner” as existing financial laws do not define it as ‘money’.

AML / KYC

HSBC Breached AML Obligations in Switzerland: FINMA

By Manesh Samtani | 19/06/2024

HSBC’s Swiss private banking unit is prohibited from onboarding new PEPs until an auditor has confirmed its compliance with FINMA’s orders.

Sanctions

Sanctioned Russian Billionaire Files Lawsuit Against UBS – Reports

By Editors | 19/06/2024

Alisher Usmanov claims that STRs filed by UBS were “unsubstantiated, if not knowingly false” and triggered an illegal criminal investigation against him.

Enforcement

CFTC Settles Charges Against Trafigura for $55m

By Manesh Samtani | 18/06/2024

This is the first time the CFTC has taken action against a firm for impeding whistleblower communications, a move being criticised by two commissioners.

Enforcement

‘Gemini Earn’ Investors Secure Full Recovery of Crypto Assets

By Editors | 18/06/2024

The NYAG’s claims against Gemini are now fully resolved, with Gemini Earn users receiving full recovery of the digital assets owed to them.

Enforcement

Asian Police Bust Multi-Jurisdiction Malware Scam Syndicate

By Sanday Chongo Kabange | 18/06/2024

Police in Hong Kong, Singapore, Malaysia and Taiwan jointly targeted a group involved in malware-enabled scams.

Enforcement

SFC Bans Ex-Licensee for Creating False Product Flashes

By Sanday Chongo Kabange | 18/06/2024

The former director of Primas Asset Management is banned for 12 months for creating and sending false product flashes to a client.

AML / KYC

Japan to Tighten AML Controls to Target Organised Crime

By Manesh Samtani | 18/06/2024

Prompted by a $444mn money laundering case, Japanese regulators will ask banks to do more to detect criminal abuse of accounts.