Enforcement

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    Enforcement

    Fed, OFAC Penalise Wells Fargo for Sanctions Non-Compliance

    By Editors | 02/04/2023

    Wells Fargo’s predecessor, Wachovia, provided software that was used by a foreign bank to process USD 532 million in prohibited transactions.

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    Enforcement

    US Court Dismisses Archegos-related Lawsuit Against Banks

    By Editors | 01/04/2023

    The judge ruled that Goldman Sachs and Morgan Stanley were not liable to investors for selling stocks they knew Archegos would be forced to sell.

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    AML / KYC

    UK Unveils New Plan to Tackle Economic Crime

    By Sanday Chongo Kabange | 31/03/2023

    The plan involves hiring 475 specialist investigators, investing in technology and data analytics, and establishing a new multi-agency crypto cell.

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    Crypto / Digital Assets

    IOSCO Issues Final Guidance on Mitigating Risks to Retail Investors

    By Manesh Samtani | 31/03/2023

    IOSCO offers a comprehensive toolkit of measures for regulators to consider when addressing crypto scams, greenwashing and other forms of retail misconduct.

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    AML / KYC

    Kuwait Court Sentences Defendants in 1MDB Case

    By Editors | 31/03/2023

    The son of a former prime minister was sentenced to 10 years in jail. Malaysia financier Jho Low was also sentenced in absentia.

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    Enforcement

    Bankman-Fried Enters Not Guilty Plea to Revised Indictment

    By Editors | 31/03/2023

    Bankman-Fried previously pleaded not guilty to eight charges. Four charges were added last month and a bribery charge earlier this week.

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    Capital / Liquidity

    NobleOak Life Breached Capital Requirements, Says APRA

    By Editors | 31/03/2023

    APRA said breaches are being remediated and are not connected to any recent financial market movements or developments.

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    Crypto / Digital Assets

    US SEC Forces Shut Down of Crypto Platform Beaxy

    By Sanday Chongo Kabange | 30/03/2023

    The SEC charged Beaxy and its affiliates for performing the functions of an exchange, broker, clearing agency, and dealer without registration.

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    Enforcement

    ASIC Commences Probe into Regulatory Breaches by ASX

    By Sanday Chongo Kabange | 30/03/2023

    ASIC is investigating whether ASX breached the law in its oversight of and disclosures relating to the CHESS replacement programme.

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    ESG / Sustainability

    Vanguard Issued Warning in NZ for Late Disclosure of ASIC Action

    By Editors | 30/03/2023

    Vanguard took 55 business days to file a notice on New Zealand’s register about ASIC’s enforcement action. The requirement is 5 business days.

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