ENFORCEMENT

Enforcement

UK FCA Fines Commodities Broker for AML Failings

By Mark Johnston | 05/10/2023

ADM Investor Services International did not conduct a firm-wide money laundering risk assessment, and its policies and procedures referred to old legislation.

Crypto / Digital Assets

SFC, HKPF Form Dedicated Working Group on VATPs

By Sanday Chongo Kabange | 05/10/2023

The working group will facilitate information sharing and collaboration on monitoring and investigations involving crypto platforms.

Enforcement

US Judge Denies SEC Permission to Appeal Ripple Ruling

By Editors | 04/10/2023

The July ruling found that programmatic sales of Ripple’s XRP digital token on public exchanges was not a breach of federal securities laws.

Enforcement

ASIC Sues Cigno, BSF Solutions Over Unlicensed Credit Offerings

By Sanday Chongo Kabange | 04/10/2023

Cigno Australia and BSF Solutions used a credit model that subjected some consumers to fees of more than 600% of their total loan amount.

Enforcement

Barclays to Appeal India Whistleblower Retaliation Ruling

By Mark Johnston | 03/10/2023

Barclays is appealing an Indian court order that found it had violated its whistleblowing policy and retaliated against a former IT manager.

Enforcement

CFTC Fines Goldman for Failing to Prevent Disruptive Trading

By Mark Johnston | 03/10/2023

Goldman’s surveillance was not properly monitoring for disruptive trading and its preventative control to suspend such trading malfunctioned.

Enforcement

CFTC Fines Three Major FIs for Swap Reporting and Other Violations

By Mark Johnston | 03/10/2023

Affiliates of Goldman Sachs, JP Morgan, and Bank of America were fined a total $53mn for violating rules for swap dealers.

Enforcement

Three Arrows Capital Co-Founder Jailed in Singapore

By Mark Johnston | 03/10/2023

The co-founder was jailed for not cooperating with the liquidator’s effort to recover funds to return to the creditors of the collapsed hedge fund.

Crypto / Digital Assets

HK, Macau Police Make Four New Arrests in JPEX Case

By Manesh Samtani | 03/10/2023

Two Hong Kong residents were arrested in Macau and two more in Hong Kong. One was found with documents that were shredded and bleached.