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United States
Sanctions
Western Allies Announce New Sanctions to Deter Russia
By Manesh Samtani | 21/07/2023
US sanctions include Russian metal producers and financial institutions. Canada targeted Russia’s military-industrial complex. UK, Australia and EU also have new targets.
AML / KYC
US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies
By Editors | 20/07/2023
The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.
ESG / Sustainability
CFTC Meets to Discuss Integrity in Voluntary Carbon Markets
By Editors | 19/07/2023
The CFTC held its second Voluntary Carbon Markets Convening to identify steps to ensure integrity and resilience of voluntary carbon markets.
Fintech / Regtech
US SEC Working on Rule Proposals to Mitigate Risks from AI
By Editors | 18/07/2023
SEC chairman Gary Gensler said AI could heighten financial fragility and promote herding behaviour among investors.
AML / KYC
US Lawmakers Examine Criticism of FinCEN Beneficial Ownership Rule
By Editors | 18/07/2023
Witnesses criticised FinCEN for introducing overly complex rules and failing to account for the reporting burden on small businesses.
Enforcement
US FTC Probes OpenAI’s ChatGPT Over Consumer Protection Concerns
By Editors | 17/07/2023
A key focus of the investigation is the possibility of ChatGPT generating false, misleading, or disparaging statements about real individuals.
Crypto / Digital Assets
Ripple Scores Partial Victory in SEC Case
By Manesh Samtani | 17/07/2023
The court ruled that XRP is not a security when sold in the secondary market. The case will proceed to trial to determine if institutional sales of XRP were unregistered securities offerings.
Crypto / Digital Assets
Stablecoins Can Destabilise Financial Markets: NY Fed
By Jill Wong | 17/07/2023
A report by the Federal Reserve Bank of New York says the run on Terra shows how stablecoins can potentially destabilise financial markets and economies.
Crypto / Digital Assets
US Probe Prompts Staff and Executive Departures at Binance – Reports
By Editors | 17/07/2023
Over 1,000 employees have reportedly been laid off in recent weeks. A number of key senior executives have also departed.
AML / KYC
US Virgin Islands Demands $190m from JPMorgan in Epstein Case
By Editors | 17/07/2023
The territory said in a court filing that JPMorgan did not place compliance with the law and prevention of trafficking ahead of its own profits.
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