Financial Crime

Supervision & Enforcement

Fed Terminates Enforcement Action Against Silvergate Bank

By Editors | 31/07/2024

The enforcement action has been in effect since May 2023 to protect depositors. Silvergate has since completed its liquidation and wind-down plan and paid back depositors.

AI Risk & Governance

Regulating GenAI: New Tools, Old Challenges

By Bradley Maclean | 30/07/2024

Striking the right balance between automation and human expertise is vital to ensure the effective use of GenAI technology.

Anti-Bribery & Corruption

UK Court Rules in Mozambique’s Favour in ‘Tuna Bonds’ Case

By Editors | 30/07/2024

The court awarded Mozambique around $825mn, along with an indemnity for over $1bn in debt owed to lenders and bondholders.

KYC & CDD

FINMA Examines UBS Process for Vetting Credit Suisse Clients

By Editors | 30/07/2024

UBS has reportedly been providing updates to FINMA on the types of wealth management clients it is on-boarding from Credit Suisse post-acquisition.

Cryptocurrency

India to Issue Policy Paper on Crypto ‘Before September’

By Ajoy K Das | 30/07/2024

The paper will include proposals on the scope of cryptocurrency regulations, based on the IMF-FSB roadmap adopted by the G20 last year.

Fraud, Scams & Cybercrime

China Issues Legal Guidelines for Combatting Asia’s ‘Fraud Parks’

By Manesh Samtani | 30/07/2024

The guidelines identify four key areas where punishment shall be imposed to combat large-scale industrial fraud parks in Southeast Asia.

Market Abuse

Bursa Malaysia Reprimands, Fines Former Kenanga Broker

By Ranamita Chakraborty | 30/07/2024

The former dealer’s representative at Kenanga Investment Bank engaged in manipulative trading practices involving 11 stocks over six months.

PEPs & Sanctions

UK Secures First Forfeiture from Sanctions Evasion Case

By Editors | 30/07/2024

Around $1mn was forfeited after being frozen since 2022. The funds were held by the wife of Petr Aven, a sanctioned Russian oilgarch.

Anti-Money Laundering

US Treasury Launches Amazon Initiative to Combat Nature Crimes

By Nithya Subramanian | 30/07/2024

The initiative will enable authorities in Amazon Basin countries to pursue money laundering investigations against illicit actors involved in nature crimes.