ENFORCEMENT

Capital / Liquidity

US Regulators Announce $63m Settlement With Silvergate

By Manesh Samtani | 03/07/2024

Silvergate, once a popular bank for crypto firms, agreed to penalties for AML noncompliance and misleading statements to investors.

Enforcement

SEC Lawsuit Against Binance May Proceed, Court Rules

By Manesh Samtani | 03/07/2024

Binance already settled DOJ, Treasury and CFTC charges for $4.3bn, but the SEC’s case was not included in the settlement.

AML / KYC

Singapore Withdraws Tax Incentives for SFOs in Money Laundering Case

By Nithya Subramanian | 03/07/2024

The total value of assets forfeited from convicted individuals with links to SFO funds far exceeds any tax benefits, said Gan Kim Yong.

AML / KYC

Nearly 4,000 Arrests Made in Global Anti-Scam Operation: INTERPOL

By Editors | 03/07/2024

The operation spanned 61 countries and resulted in 6,745 bank accounts being frozen and assets worth $257mn being seized.

AML / KYC

Panama Papers: Court Acquits All 28 Accused of Money Laundering

By Nithya Subramanian | 02/07/2024

According to media reports, the evidence presented was “not sufficient” to establish the defendants’ criminal responsibility.

AML / KYC

Singapore Releases Two Reports Tackling Terrorism Financing

By Nithya Subramanian | 02/07/2024

The updated TF National Risk Assessment found that money remittances remain High-Risk, while the refreshed strategy for CFT calls for robust regulatory regimes.

Enforcement

China: New Law Strengthens Penalties for Accounting Fraud

By Editors | 02/07/2024

The new Accounting Law significantly increases penalties for financial fraud and for the first time includes the phrase “internal control”.

Enforcement

US SEC’s Use of In-house Judges Ruled Unconstitutional

By Editors | 02/07/2024

The ruling curbs the SEC’s internal adjudication powers and is expected to also impact more than two dozen US agencies.

AML / KYC

US Sanctions Two Chinese Nationals for Assisting Sinaloa Cartel

By Editors | 01/07/2024

The sanctions include two China-based targets who helped launder illicit drug proceeds belonging to Mexico’s Sinaloa Cartel.