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AML / KYC
US Sanctions Tornado Cash Co-founder, Arrests Another
By Manesh Samtani | 24/08/2023
Russian national Roman Semenov was added to OFAC’s sanctions list. Another co-founder, Roman Storm, was arrested on Wednesday.
Crypto / Digital Assets
Thailand Threatens to Ban Facebook Over Fraudulent Crypto Ads
By Mark Johnston | 24/08/2023
Thailand has threatened to ban Facebook if it does not stop allowing fraudulent crypto ads on its platform.
Enforcement
UK Energy Regulator Fines Morgan Stanley Over WhatsApp Use
By Editors | 24/08/2023
This is the first-ever fine issued in the UK for failures to record and retain electronic communications relating to energy market trades.
Enforcement
Korea: BNK Establishes Dedicated Team to Enhance Internal Controls
By Sanday Chongo Kabange | 23/08/2023
The internal control analysis team is a response to multiple cases of misconduct by employees at BNK Kyongnam Bank.
Crypto / Digital Assets
Chinese Official Jailed for Life Over Crypto-related Bribery Scheme
By Editors | 23/08/2023
The former official was convicted for abusing his power and hiding crypto mining that used a tenth of his province’s electricity.
Enforcement
Two Former JPMorgan Traders Jailed on Spoofing Charges
By Editors | 23/08/2023
Gregg Smith was sentenced to two years in prison, while Michael Nowak was sentenced to one year and one day in prison.
Crypto / Digital Assets
Korean City Set to Seize Crypto Assets from Tax Evaders
By Editors | 23/08/2023
The Cheongju City government has ordered seven crypto exchanges to submit a report on the crypto holdings of 8,250 people, who each owe over KRW 1 million in tax.
Enforcement
SFC Issues Fine for Trade Surveillance, Record-keeping Failures
By Editors | 22/08/2023
Alert review records were missing for over 14,000 alerts. Client call records were missing for more than 1,000 orders.
Enforcement
China NFRA Fines Three Banks for Loan-related Violations
By Editors | 22/08/2023
Several violations involved the improper use of loan proceeds by borrowers such as to fund investments in property and securities.
Enforcement
US Court Rules AI-Generated Work Cannot be Copyrighted
By Manesh Samtani | 22/08/2023
Human authorship is a bedrock requirement of copyright, a federal judge ruled in a case that dates back to 2019.
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