Enforcement

AML / KYC

Fed Orders Citigroup to Correct “Longstanding Deficiencies”

By Editors | 08/10/2020

The Fed has ordered Citigroup to remediated enterprise-wide risk management and controls deficiencies. The OCC has penalised Citibank $400mn for the same deficiencies.

Enforcement

Korea FSS to Penalise Brokerage CEOs Over Lime Asset Mis-selling

By Editors | 07/10/2020

The proposed sanctions may include a ban on former and current CEOs of three brokerage firms from working in the financial industry for up to five years.

Enforcement

CFTC Fines Morgan Stanley Over Inaccurate Swaps Reporting

By Editors | 06/10/2020

Morgan Stanley’s cooperation with the CFTC investigation was rewarded with a reduced civil monetary penalty of $5mn.

Enforcement

Court Orders ANZ To Pay A$10m Penalty Over Unlawful Fees

By Editors | 06/10/2020

The case, launched by ASIC in July 2019, related to periodic payment fees ANZ was not entitled to charge under its terms and conditions.

Enforcement

ASIC Bans Former Fixed Income Broker for Ten Years

By Editors | 05/10/2020

The ex-broker charged unpermitted spreads and traded at prices other than the agreed independent valuation on transactions entered on behalf of referred clients.

AML / KYC

Ransomware Payments May Breach OFAC Regulations

By Sanday Chongo Kabange | 03/10/2020

OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.

AML / KYC

BitMEX Founders Charged for Evading AML Requirements

By Editors | 03/10/2020

Four individuals were charged for “willfully” failing to establish, implement, and maintain an adequate AML programme that included a KYC component.

Enforcement

CFTC Settles Charges Against Citi Over Deleted Audio Recordings

By Editors | 01/10/2020

Citi’s audio preservation system deleted more than 2.77 million audio files, including recordings that were subject to a December 2017 CFTC subpoena.

Enforcement

ASIC Commences Proceedings Against Cigno, BHF Solutions

By Editors | 01/10/2020

Both companies have been providing credit to a large number of consumers and charging “substantial fees”, without holding an Australian credit licence.