Financial Crime

PEPs & Sanctions

New Zealand Announces New Russia-related Sanctions

By Editors | 12/07/2024

The sanctions target Russian weapons manufacturers, as well as the supply of Iranian drones and North Korean weapons to Russia.

Fraud, Scams & Cybercrime

Cambodian Online Platform Involved in $11bn Illicit Transactions

By Nithya Subramanian | 12/07/2024

A report by Elliptic said that Huione Guarantee hosts merchants providing services to perpetrate deepfake, money laundering, and pig-butchering scams.

Cryptocurrency

Crypto Lender Celsius Files Lawsuit Against Former Users

By Editors | 12/07/2024

Crypto lender Celsius said users who withdrew funds in the 90 days before its bankruptcy “unfairly benefitted at the expense of other account holders”.

KYC & CDD

UK FCA to Introduce Criminal Checks in Authorisation Process

By Editors | 12/07/2024

Controllers and beneficial owners of FIs would be subject to criminal background checks when they apply for authorisation or registration.

Market Abuse

Former Trader Settles $150m Lawsuit Against Deutsche Bank

By Nithya Subramanian | 11/07/2024

Matthew Connolly accused the German bank of making him a scapegoat by lying to prosecutors.

Payments & Settlements

Australia, US to Help Boost Correspondent Banking in Pacific

By Manesh Samtani | 11/07/2024

Australia pledged A$6.3mn in funding to help counter the decline in correspondent banking services in the Pacific.

Operational Risk

US Regulators Impose $135m Fine on Citigroup

By Nithya Subramanian | 11/07/2024

Federal Reserve and OCC penalise Citigroup for ongoing deficiencies in risk management and data governance.

PEPs & Sanctions

US: Two Men Plead Guilty to Russia Export Control Violations

By Editors | 11/07/2024

The two men shipped US-manufactured dual-use electronics to Turkey, Hong Kong, India, China, and UAE before they were rerouted to Russia.

Market Abuse

Archegos Founder Convicted of Fraud, Market Manipulation

By Nithya Subramanian | 11/07/2024

Bill Hwang was found guilty, and faces significant penalties following the 2021 collapse of his USD 36 billion investment firm.