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Financial Crime
Market Abuse
US SEC Fines Macquarie Unit $80m for Overvalued CMOs
By Nithya Subramanian | 20/09/2024
The Macquarie unit overvalued odd lot CMO positions and then executed cross trades to push the resulting losses to retail funds.
PEPs & Sanctions
OFAC Targets Russia-DPRK Sanctions Evasion Network
By Editors | 20/09/2024
New sanctions have been imposed on five entities and an individual for helping to establish payment mechanisms between Russia and North Korea.
Anti-Money Laundering
German Authorities Shut Down 47 Cryptocurrency Exchanges
By Nithya Subramanian | 20/09/2024
The crypto exchanges did not carry out identity and background checks on customers and allowed them to conduct financial transactions anonymously.
PEPs & Sanctions
UK Imposes Trade Sanctions Targeting Iran Defence Industry
By Editors | 20/09/2024
The new measures are part of the UK’s response to reports that Iran has delivered ballistic missiles to Russia.
PEPs & Sanctions
Armenia Accused of Facilitating Russian Sanctions Evasion
By Editors | 20/09/2024
NGOs from Azerbaijan claim that several EU countries including Greece and Cyprus are continuing to conduct trade with Russia through Armenia.
Fraud, Scams & Cybercrime
US SEC Files First Charges Involving Romance Scams
By Nithya Subramanian | 20/09/2024
In the first charges of this type, the SEC alleges that fraudsters used social to lure investors to fake crypto platforms before stealing their money.
Anti-Money Laundering
FATF Publishes Mutual Evaluation Report on India
By Manesh Samtani | 20/09/2024
The report says India is achieving good results, but that it needs to address domestic PEPs, risks in the NPO sector, and a backlog of court cases.
Anti-Money Laundering
FINMA Confiscates $15m from Private Bank Mirabaud for AML Failures
By Nithya Subramanian | 19/09/2024
FINMA barred the bank from accepting high-risk clients and ordered it to overhaul its risk management, internal controls, and corporate governance.
Supervision & Enforcement
US SEC Fines Former FTX Auditor for Negligence-related Fraud
By Nithya Subramanian | 19/09/2024
Prager Metis issued two audit reports for FTX between 2021 and 2022, but failed to comply with auditing standards and apply “due care” in those audits.
Fraud, Scams & Cybercrime
Singapore Banks to Roll Out Singpass Face Verification for Scam Protection
By Nithya Subramanian | 19/09/2024
MAS said that the feature will be rolled out over the next three months to strengthen digital token security and safeguard customers from scams.
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