Enforcement

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    Enforcement

    OFAC Fines Real Estate Company for Sanctions Evasion Scheme

    By Editors | 20/01/2025

    OFAC said FIs that deal with gatekeepers should conduct sufficient due diligence to ensure they are not acting as proxies for sanctioned parties

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    Enforcement

    US SEC Fines Vanguard for Misleading Retirement Fund Disclosures

    By Nithya Subramanian | 20/01/2025

    The SEC penalised Vanguard for failing to disclose tax risks tied to redemptions from its target retirement funds, leaving retail investors with higher tax liabilities.

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    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

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    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

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    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”.

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    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.

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    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.

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    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.

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    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

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    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.

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