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US DoJ charges CLS Global FZC LLC, a cryptocurrency financial services firm, with ‘wash trading’- fraudulent manipulation of cryptocurrency trading volumes

by Jyotsna Bucktowar | Jan 21, 2025

CLS Global a UAE-based cryptocurrency firm has agreed to plead guilty to charges of market manipulation and wire fraud, paying a fine of $428,059. The company is banned from U.S. cryptocurrency markets and must submit annual certifications ensuring compliance. The...

Finextra: Crypto bank Silvergate pays $63m to settle regulator charges for misleading investors about the strength of their AML program and the losses sustained during the collapse of FTX

by Jyotsna Bucktowar | Jul 2, 2024

The SEC charged Silvergate and its executives with misleading investors about the company’s losses from expected securities sales and its dire financial condition during a liquidity crisis and bank run following FTX’s collapse. Silvergate and Martino...

Financial Times: U.S. federal law enforcement officials stated that suspects chose Citigroup ATMs for ML due to operational advantages

by Jyotsna Bucktowar | Jul 1, 2024

US prosecutors revealed that drug traffickers chose Citigroup for ML due to its perceived weaker fraud controls. In January 2021, two California residents deposited nearly $36,000 in illicit cash at Citi ATMs by splitting the amount into smaller transactions to avoid...

SEC charged JAG Capital Advisors for defrauding investors of at least $3m over three years

by Jyotsna Bucktowar | Jun 12, 2024

JAG Advisors, deceived approximately nine investors by misrepresenting nearly every aspect of the fund, including its performance and risks. The principal of JAG Advisors, allegedly diverted $1.1 million for personal expenses such as travel and jewellery, and lost...

FinCEN issues Year in Review for Fiscal Year 2023

by AdrianaAMLP | Jun 7, 2024

The Year in Review is intended to help stakeholders gain insight into the collection and use of Bank Secrecy Act data, including FinCEN’s efforts to support law enforcement and national security agencies.
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