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ENFORCEMENT
Crypto / Digital Assets
‘Genesis’ Darknet Market Sanctioned and Shuttered by Authorities
By Editors | 06/04/2023
Law enforcement arrested 119 people and conducted 208 property searches in connection with Genesis Market, a criminal marketplace believed to be located in Russia.
Enforcement
UK Steel Traders Jailed for $500m Trade Finance Fraud
By Mark Johnston | 05/04/2023
Three senior executives of Balli Steel were sentenced to prison for using fake documents and contracts to obtain loans.
AML / KYC
China Deepens Financial Sector Corruption Crackdown
By Editors | 05/04/2023
Officials told bankers they should learn lessons from Bank of China chairman Liu Liange, who was recently placed under investigation.
Enforcement
Germany Bans EY for Two Years Over Wirecard Audits
By Editors | 04/04/2023
Germany’s auditor regulator also fined the company €500,000, and five of its current and former auditors between €23,000 and €300,000.
Enforcement
SEBI Probing Related Party Transactions at Adani Group
By Editors | 04/04/2023
SEBI is probing three offshore entities which entered into investment transactions with unlisted Adani Group units over the last 13 years.
Enforcement
US SEC Fines Merrill Lynch for FX Fee Disclosure Failures
By Editors | 04/04/2023
Merrill Lynch agreed to pay disgorgement, prejudgment interest, and a civil penalty totaling more than $9.5mn and to distribute funds to harmed clients.
Capital / Liquidity
US Lawmakers Propose ‘Failed Bank Executives Clawback Act’
By Editors | 04/04/2023
The proposed bill would require the FDIC to claw back “all or part” of the compensation paid to executives in the five years preceding a bank’s failure.
Capital / Liquidity
Swiss Prosecutor Opens Criminal Probe Into Credit Suisse Takeover
By Editors | 03/04/2023
The prosecutor is looking into potential breaches of Switzerland’s criminal law by government officials, regulators and bank executives.
Enforcement
US SEC Charges Two Over SPAC Insider Trading Scheme
By Sanday Chongo Kabange | 02/04/2023
The duo used non-public information in advance of at least 7 merger announcements involving SPACs to earn illicit profits of more than $3.4mn.
Enforcement
Fed, OFAC Penalise Wells Fargo for Sanctions Non-Compliance
By Editors | 02/04/2023
Wells Fargo’s predecessor, Wachovia, provided software that was used by a foreign bank to process USD 532 million in prohibited transactions.
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