Enforcement

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.

Enforcement

US SEC Fines BMO Capital Markets Over Bond Desk Supervision Failure

By Nithya Subramanian | 17/01/2025

The SEC said BMO Capital Markets failed to supervise employees who sold mortgage-backed bonds using misleading marketing practices.

AML / KYC

CFPB Fines Block Inc Over Cash App Security Lapses

By Nithya Subramanian | 17/01/2025

The CFPB has fined Block for allowing fraud to proliferate and closing cases of reported fraud without even opening a legally required investigation.

Enforcement

SEBI Settles Case Against 10 Over TV Stock Recommendations

By Nithya Subramanian | 17/01/2025

Among those that settled were SAAR Securities, along with one of its directors, and two directors of the firm’s commodities unit.

Crypto / Digital Assets

US Supreme Court Denies Binance Petition on Securities Law Applicability

By Mark Johnston | 16/01/2025

The US Supreme Court has rejected a request to review whether US securities laws apply to Binance, which doesn’t have a physical location

AML / KYC

US Fines Crypto Firm BitMEX $100m for AML Violations

By Nithya Subramanian | 16/01/2025

The Justice Department said the penalty sends a clear message that companies which violate AML and KYC rules will face strict consequences.

Enforcement

FSS Korea Directs OCBC to Fix Internal Control Deficiencies

By Nithya Subramanian | 16/01/2025

The FSS identified deficiencies at OCBC’s Seoul branch relating to dealing desk internal controls, real estate PF loan evaluations, and risk management

Enforcement

Zambia Sanctions StanChart for Mis-selling China Property Bond

By Mark Johnston | 16/01/2025

Zambia’s SEC said Standard Chartered failed to disclose material information and used contract clauses which placed all responsibility for risk on clients

Enforcement

AFCA Working to Resolve Complaints from Latitude Cyber Attack

By Thisanka Siripala | 16/01/2025

AFCA has 224 open complaints over the 2023 cyber-attack at Latitude Financial Services, all of which should be resolved by 30 June 2025.