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ENFORCEMENT
AML / KYC
OCC Issues Order Requiring BofA to Fix AML Deficiencies
By Editors | 28/12/2024
The order requires BofA to obtain OCC approval to launch new products or services that present high money laundering or sanctions risk.
Enforcement
1MDB Files Suit Against Corporate Service Provider Amicorp
By Editors | 28/12/2024
1MDB alleges HK-headquartered Amicorp used shell companies and fraudulent financial structures to facilitate the misappropriation of assets.
Enforcement
SFC Imposes Fine and Lifetime Ban Against Fund Manager
By Editors | 28/12/2024
The SFC said the former fund manager’s removal from the industry is “necessary to protect the investing public”.
AML / KYC
Japan FSA Orders AEON Bank to Improve AML/CFT Systems
By Manesh Samtani | 27/12/2024
The FSA said AEON Bank neglected at least 14,639 transactions detected by its surveillance system and takes too long to report suspicious transactions
Enforcement
AFRC Fines BDO and Two Partners for Audit Failures
By Editors | 27/12/2024
The AFRC said BDO’s history of non-compliance suggests a “tendency of repeated failures to comply with auditing and professional standards”.
Enforcement
Australia Court Rules Against CFD Firms in Landmark Ruling
By Editors | 26/12/2024
The Court for the first time found that a licensee breached the law by offering services to customers outside of the country.
AML / KYC
UN General Assembly Adopts New Cybercrime Convention
By Manesh Samtani | 26/12/2024
The Convention will help to address online child sexual abuse, sophisticated online scams and money laundering
Capital / Liquidity
Findings Released from Probe into Credit Suisse Rescue Deal
By Manesh Samtani | 25/12/2024
The parliamentary probe found shortcomings but “no misconduct” by Swiss authorities and said they ultimately “prevented a global financial crisis”.
Enforcement
US SEC Fines Deutsche Bank Securities for Late SAR Filings
By Editors | 24/12/2024
The SEC said the firm took months or years to conduct or complete investigations prompted by law enforcement or regulatory requests.
Enforcement
US Regulator Files Lawsuit Targeting Zelle and Three Major Banks
By Editors | 24/12/2024
The CFPB says JPMorgan, BofA and Wells Fargo failed to implement anti-fraud safeguards on Zelle, resulting in $870mn in losses to customers over 7 years.
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