ENFORCEMENT

AML / KYC

Germany’s BaFin Fines N26 Over Weak AML Controls

By Editors | 07/10/2021

The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.

AML / KYC

MAS Examining Asiaciti Trust Revelations in Pandora Papers

By Editors | 06/10/2021

The Pandora Papers show that Singapore firm Asiaciti Trust had helped politicians and public officials set up trusts and shell companies in secrecy jurisdictions.

Enforcement

US Inspector General Probes Fed Officials’ Stock Trades

By Sanday Chongo Kabange | 06/10/2021

The Office of Inspector General will conduct an independent review to determine whether Fed officials violated ethics rules and the law.

AML / KYC

US to Gather 30 Countries to Coordinate Ransomware Response

By Editors | 06/10/2021

The Counter-Ransomware Initiative is aimed at improving law enforcement collaboration and stemming the illicit use of cryptocurrency.

Enforcement

New Zealand: Class Action Filed Against ANZ, ASB

By Editors | 04/10/2021

The class action reportedly involves interest and fees ANZ and ASB were not entitled to charge due to breaches of their disclosure obligations.

Enforcement

CFTC Penalises Interactive Brokers Over Negative Oil Prices

By Editors | 02/10/2021

Interactive Brokers was penalised for not adequately preparing for and configuring its electronic trading system to recognise negative prices on 20 April 2020.

AML / KYC

AFP Wins First Asset Confiscation Case Under Operation Ironside

By Editors | 01/10/2021

A$6mn in cash obtained as a result of the forfeiture order will be redistributed to support crime prevention, law enforcement and related community initiatives.

AML / KYC

NZ FMA Toughens Approach to AML Non-Compliance

By Manesh Samtani | 30/09/2021

The FMA’s James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.

AML / KYC

US DOJ Links Singapore, Hong Kong to Tax Evasion Case

By Editors | 30/09/2021

An unsealed indictment shows that six individuals and a Swiss firm used accounts in Singapore and Hong Kong to help US clients evade taxes from 2009 to 2014.