ENFORCEMENT

Enforcement

Barclays, UBS Face Scrutiny Over Ties to Sanctioned Russian

By Editors | 03/02/2023

The beneficial ownership of ten offshore trusts owned by Russian oligarch Roman Abramovich was changed shortly before he was sanctioned in the EU and UK.

Enforcement

South Korea Arrests Shipping Agent for DPRK Sanctions Violations

By Editors | 03/02/2023

The shipping agent was detained on charges relating to illegal shipments of diesel to North Korea conducted between October 2021 and January 2022.

Crypto / Digital Assets

Crypto Firm Celsius Operated as Ponzi Scheme, Report Says

By Editors | 01/02/2023

Celsius, now in bankruptcy, used customer funds to prop up the price of its own token for years, including to allow insiders to cash out.

Crypto / Digital Assets

New York Regulator Investigating Crypto Firm Gemini

By Editors | 01/02/2023

Gemini emphasised connections to the FDIC when customers asked if their assets were safe. Almost $1bn in customer assets have since been frozen on the platform.

AML / KYC

Westpac Fined in Hong Kong Over Delayed Customer Reviews

By Editors | 31/01/2023

Out of 143 customers who were subject to periodic reviews between June 2016 and May 2017, there were delays in 121 customers – of which 58 were of high risk.

Crypto / Digital Assets

Bankman-Fried Lawyers Request Access to Crypto Held by FTX

By Editors | 31/01/2023

The DOJ asked for a communications ban against Bankman-Fried as an additional bail condition. Last week, a 116-page list of the FTX’s creditors was filed to the bankruptcy court.

AML / KYC

UK Economic Crime Bill to Include New ‘Failure to Prevent’ Offences

By Manesh Samtani | 31/01/2023

Failure to prevent fraud, false accounting, and money laundering will become new corporate criminal offences in the UK.

Enforcement

Korea Probes Price Manipulation via Crypto Exchange Bithumb

By Editors | 31/01/2023

Bithumb offices were raided last week. The crypto exchange is not accused of misconduct, though it is under a separate probe for possible tax evasion.

Enforcement

UPDATED – Citadel Securities Fined in Korea for ‘Disrupting Market Order’

By Editors | 31/01/2023

The case was the first in which the FSC imposed a penalty for market order disruptions as a result of high-frequency algorithmic trading.