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Financial Crime
Cryptocurrency
FTX to Make Full Repayment to Non-Government Creditors
By Manesh Samtani | 09/05/2024
Under the reorganisation plan, up to 98% of non-government creditors will receive about 118% of their claims in cash.
Market Abuse
ASIC Fines JP Morgan Unit for Failure to Detect Suspicious Trades
By Sanday Chongo Kabange | 09/05/2024
The case highlights that market participants “cannot solely rely on automated trade monitoring systems” to detect potential misconduct.
PEPs & Sanctions
OFAC Removes Sberbank Switzerland from Sanctions List
By Editors | 09/05/2024
Sberbank sold its Swiss subsidiary in September 2022 and the bank was then renamed to TradeXBank Ltd.
Supervision & Enforcement
BNM Fines 14 Banks Over Erroneous Statistical Submissions
By Sanday Chongo Kabange | 09/05/2024
The reporting failures were caused by unresolved technical issues and inadequate operating procedures.
Fraud, Scams & Cybercrime
Singapore Law Firm Pays $1.4m Ransom Demand
By Editors | 08/05/2024
The law firm was initially asked to pay $2mn, but the Akira ransomware group agreed to lower the amount after negotiations.
Cryptocurrency
US SEC Notifies Robinhood of Pending Enforcement Action
By Editors | 08/05/2024
The action is related to the cryptocurrencies offered on Robinhood’s platform, some of which may be classified by the SEC as securities.
PEPs & Sanctions
Russia Court Authorises Seizure of JPM, Commerzbank Assets
By Editors | 08/05/2024
The arbitration court authorised the seizure of $13.3mn from Commerzbank (Eurasia) JSC, a subsidiary of JPMorgan and Commerzbank.
Anti-Money Laundering
FinCEN Issues Advisory to Help FIs Detect Terrorist Financing
By Manesh Samtani | 08/05/2024
The Advisory describes how Iran finances terrorist organisations and provides red flags to aid in detection, prevention, and reporting.
Anti-Bribery & Corruption
US Court Ends Goldman Criminal Case Over 1MDB Work
By Nithya Subramanian | 08/05/2024
Brooklyn federal court dismissed a bribery conspiracy charge against Goldman following the completion of its three-year DPA.
Fraud, Scams & Cybercrime
ASIC Warns Against “Unscrupulous” Cold Calling Conduct
By Sanday Chongo Kabange | 08/05/2024
ASIC is concerned about the use of high-pressure sales tactics to induce inappropriate superannuation switching.
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