ENFORCEMENT

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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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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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