Financial Crime

Supervision & Enforcement

US SEC Fines BMO Capital Markets Over Bond Desk Supervision Failure

By Nithya Subramanian | 17/01/2025

The SEC said BMO Capital Markets failed to supervise employees who sold mortgage-backed bonds using misleading marketing practices.

Fraud, Scams & Cybercrime

CFPB Fines Block Inc Over Cash App Security Lapses

By Nithya Subramanian | 17/01/2025

The CFPB has fined Block for allowing fraud to proliferate and closing cases of reported fraud without even opening a legally required investigation.

Market Abuse

SEBI Settles Case Against 10 Over TV Stock Recommendations

By Nithya Subramanian | 17/01/2025

Among those that settled were SAAR Securities, along with one of its directors, and two directors of the firm’s commodities unit.

PEPs & Sanctions

US State Dept Publishes Strategy for Countering Wrongful Detentions

By Editors | 16/01/2025

Part of the strategy is the implementation of EO 14078, which authorises sanctions on individuals or entities responsible for or complicit in a wrongful detention.

PEPs & Sanctions

Korea Amends CFT/CPF Law to Expand Scope to Corporations

By Nithya Subramanian | 16/01/2025

Corporations linked to individuals involved in terrorism or WMD proliferation will be subject to restrictions on financial transactions and property disposals.

Cryptocurrency

US Supreme Court Denies Binance Petition on Securities Law Applicability

By Mark Johnston | 16/01/2025

The US Supreme Court has rejected a request to review whether US securities laws apply to Binance, which doesn’t have a physical location

Anti-Money Laundering

US Fines Crypto Firm BitMEX $100m for AML Violations

By Nithya Subramanian | 16/01/2025

The Justice Department said the penalty sends a clear message that companies which violate AML and KYC rules will face strict consequences.

Conduct, Culture & Accountability

Zambia Sanctions StanChart for Mis-selling China Property Bond

By Mark Johnston | 16/01/2025

Zambia’s SEC said Standard Chartered failed to disclose material information and used contract clauses which placed all responsibility for risk on clients

Fraud, Scams & Cybercrime

Australia Launches Nationwide Scam Awareness Campaign

By Sanday Chongo Kabange | 16/01/2025

The ‘Fighting Scams Campaign’ aims to increase awareness and action of “three simple, memorable steps” to safeguard against scams.