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ENFORCEMENT
Enforcement
Amex to Pay $230mn to Settle Case Over Deceptive Sales Practices
By Thisanka Siripala | 19/01/2025
American Express sales employees misrepresented the tax benefits of certain products and used false employer identification numbers to open accounts
Enforcement
Upbit Facing Potential Business Restrictions for AML Noncompliance
By Mark Johnston | 19/01/2025
South Korea’s largest cryptocurrency exchange is facing restrictions on conducting business with new customers for up to three months
Enforcement
FDIC Sues Former SVB Executives for Gross Negligence
By Thisanka Siripala | 18/01/2025
The FDIC says SVB’s management ignored fundamental banking standards and the bank’s own risk policies “in pursuit of short-term profit”.
Enforcement
Equifax Fined $15m Over Mishandled Consumer Disputes
By Nithya Subramanian | 18/01/2025
The CFPB said Equifax repeatedly failed to address consumer complaints about inaccuracies on their credit reports.
Enforcement
Former MUFG Bank Manager Arrested for Safe Deposit Box Thefts
By Thisanka Siripala | 18/01/2025
The former employee has reportedly admitted to the thefts, citing significant financial losses from FX trading and horse racing bets as her motive.
Enforcement
US SEC Fines Wells Fargo, Merrill Lynch Over Cash Sweep Programmes
By Nithya Subramanian | 17/01/2025
The Wells Fargo and Merrill Lynch units will pay $60mn for prioritising their own financial benefits over clients’ best interests.
Enforcement
SFC, HKEX Take Joint Action Against Listed Company, Former Directors
By Sanday Chongo Kabange | 17/01/2025
The SFC and HKEX said the former directors of mobile gaming company FingerTango misused IPO proceeds after the company went public in 2018
AML / KYC
Belgian Regulator Probes ING Over for Alleged AML Violations
By Nithya Subramanian | 17/01/2025
ING Bank allegedly delayed reporting suspicious financial activities linked to former European Commissioner Didier Reynders.
Enforcement
Korea FSS Launches Probe at IBK Over Fraudulent Loans
By Mark Johnston | 17/01/2025
Current and former employees of Industrial Bank of Korea allegedly participated in a KRW 23.95 billion fraudulent loan scheme
Enforcement
US OCC Fines Three Former Wells Fargo Execs for Misconduct
By Thisanka Siripala | 17/01/2025
The OCC’s penalties conclude enforcement proceedings against the last of 11 individuals involved in the fake-accounts scandal.
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