Financial Crime

Anti-Money Laundering

AUSTRAC to Crack Down on Non-compliant Crypto ATM Providers

By Editors | 06/12/2024

AUSTRAC has established an internal taskforce to target crypto ATMs that are being exploited for money laundering, scams and money mule activities.

Supervision & Enforcement

PBOC Refines Discretionary Criteria for Imposing Administrative Penalties

By Editors | 06/12/2024

The PBOC said it will ensure the type and extent of penalties match the facts, nature, circumstances and degree of social harm of the illegal act.

KYC & CDD

US Federal Court Blocks FinCEN’s Beneficial Ownership Reporting Rule

By Nithya Subramanian | 05/12/2024

The ruling blocks enforcement of the Corporate Transparency Act, suspending the obligation for corporate entities to meet the 1 January 2025 filing deadline.

Conduct, Culture & Accountability

Nomura Announces Measures to Address Unethical Behaviour by Staff

By Thisanka Siripala | 05/12/2024

Ten executives will take pay cuts and staff monitoring will be enhanced after a former employee was indicted on attempted murder charges.

Anti-Money Laundering

Former EU Justice Commissioner Investigated for Money Laundering

By Nithya Subramanian | 05/12/2024

Belgian police searched the homes of Didier Reynders amid allegations of laundering funds through lottery ticket purchases.

Market Abuse

Barclays Agrees to Settle Class Action Over Securities Over-issuances

By Thisanka Siripala | 05/12/2024

Barclays agreed to pay $19.5mn to settle claims that shareholders lost money because they relied on the bank’s assurances that it had strong internal controls.

PEPs & Sanctions

US, UK Target Major Russian Sanctions Evasion Network

By Editors | 05/12/2024

OFAC sanctioned five individuals and five entities associated with the network. The NCA said 84 arrests have been made and $25mn has been seized.

Fraud, Scams & Cybercrime

Australia Directs ACMA to Operate ‘Mandatory’ SMS Sender ID Register

By Sanday Chongo Kabange | 05/12/2024

The ACMA is directed to develop an enforceable industry standard for a mandatory ‘SMS Sender ID Register’ to protect against scams.

PEPs & Sanctions

China Responds to US Export Controls With Retaliatory Measures

By Editors | 04/12/2024

Exports of gallium, germanium, antimony and superhard materials to the US are banned. Graphite exports will be subject to stricter controls.