Enforcement

AML / KYC

UK FCA Penalises Qatar’s Al Rayan Bank for AML Failures 

By Editors | 13/01/2023

The bank had no policy for handling large deposits and did not conduct an internal audit of its financial crime unit over an 8-year period, among other weaknesses.

Crypto / Digital Assets

CFTC Takes First Action Involving Decentralised Crypto Exchange

By Manesh Samtani | 12/01/2023

The CFTC filed fraud and swap manipulation charges against a hacker, saying the Commodity Exchange Act applies to decentralised blockchain-based trading platforms.

AML / KYC

Financial Crime: Threats, Challenges, and Priorities for 2023

By Manesh Samtani | 12/01/2023

RUSI’s Tom Keatinge discusses the continuing focus on fraud and scams in Asia, and work underway on asset recovery, sanctions, and environmental crime.

Enforcement

Korean Authorities Investigate Bithumb for Possible Tax Evasion

By Editors | 11/01/2023

Tax authorities raided Bithumb’s headquarters in Seoul on Tuesday. Two of its former chairmen have also been the subject of separate probes.

AML / KYC

UK FCA Fines Nigeria’s Guaranty Trust Bank for AML Weaknesses

By Editors | 11/01/2023

The FCA said the bank’s behaviour mirrored previous misconduct, for which it was also fined in 2013 and had restrictions imposed in 2018.

AML / KYC

PBOC Fines Three FIs a Combined $20m for AML Rule Violations

By Editors | 10/01/2023

China Merchants Bank, China Merchants Bank, UnionPay, and 26 of their responsible persons were fined for a total 31 regulatory violations.

Market Infrastructure

BaFin Orders Deutsche Börse Entities to Remedy Deficiencies

By Editors | 10/01/2023

Business organisation and risk management deficiencies were identified at Eurex Clearing, Clearstream Banking and Clearstream Holding.

Crypto / Digital Assets

US SEC Probes Due Diligence Practices of FTX Investors

By Editors | 09/01/2023

Venture capital firms and investment funds that invested in FTX may face scrutiny about whether they met their fiduciary duties to their own investors.

Crypto / Digital Assets

NYAG Files Suit Against Founder of Crypto Lender Celsius

By Manesh Samtani | 08/01/2023

NYAG says Alex Mashinsky lied about Celsius’s safety, then lost customer funds in risky investments and concealed the firm’s deteriorating financial condition.