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FCA fined PwC £15 M for failing to alert the regulator to suspected fraudulent activity at London Capital & Finance plc
PwC encountered significant issues throughout their 2016 audit of LCF. A senior individual at LCF acted aggressively towards auditors, and the firm provided PwC with inaccurate and misleading information. PwC found the audit very complex, and it took considerably longer to complete than anticipated…
BaFin orders German Solaris bank to shape up its AML controls or to face penalty by the regulator
Germany’s financial regulator, Bafin has warned Solaris Bank to improve its AML measures or face a fine, citing deficiencies in its financial crime controls, including ML prevention, reporting, outsourcing management, and IT. Multiple audits have uncovered these shortcomings…
MoneyLaundering.com: FCA fines Coinbase £3.5m for AML failings
FCA fined CB Payments Limited, a London-based affiliate of Coinbase, £3.5m for repeatedly violating restrictions on serving high-risk customers. CBPL does not handle cryptocurrency transactions directly, it acts as a gateway for trades conducted through other Coinbase Group entities. Despite a 2020 agreement with the FCA to halt services to high-risk clients while addressing AML system weaknesses…
BBC: Senator from New Jersey was convicted of bribery, conspiracy, extortion, obstruction of justice and acting as a foreign agent
New Jersey Senator Bob Menendez was found guilty including bribery for accepting gold bars and a Mercedes-Benz in return for supporting foreign governments. Following a nine-week trial and over 12 hours of jury deliberation, he faces the possibility of decades in prison, with Democratic leaders like Senate Majority Leader Chuck Schumer urging his resignation…
Financial Times: Citigroup has been fined US$136m for compliance failures, marking a setback in its overhaul efforts
Comptroller of the Currency Michael Hsu criticized Citigroup for failing to fully address deficiencies in risk control and data management, urging a refocus and proper resource allocation. Despite CEO Jane Fraser’s noted progress, regulatory issues persist, with the Federal Reserve and FDIC identifying significant risks…
US DoJ takes guilty plea from the former CTO of Paxful Inc. for conspiracy to fail to maintain an effective AML program
Artur Schaback, 36, of Tallin, Estonia, used Paxful Inc. to operate Paxful, an online peer-to-peer virtual currency platform and money transmitting business where customers negotiated for and traded virtual currency for a variety of other items, including fiat currency, pre-paid cards, and gift cards.
BaFin fines N26 Bank AG EUR 9.2m for consistently filing late AML report
BaFin had found that the institute systematically submitted suspected ML reports late in 2022. The regulator stated that credit institutions are required to notify any suspicions they may have about a transaction having to do with ML/TF…
MAS imposes composition penalty of S$2.5m on Swiss-Asia Financial Services Pte. Ltd. for AML/CFT breaches
The breaches included failure to take into account certain relevant risk factors relating to the company’s customers and business activities in its EWRA, failure to perform CDD measures before establishing business relations, failure to scrutinise multiple third-party transactions in customers’ accounts even though the transactions were not consistent with SAFS’ knowledge of the customers…
US DoJ accepts guilty plea from BTC-e operator for involvement in money laundering conspiracy
Alexander Vinnik, 44, was one of the operators of BTC-e – one of the world’s largest virtual currency exchanges, that processed over $9bn worth of transactions and served over one million users worldwide.
HKMA takes disciplinary action against Hua Nan Commercial Bank, Ltd., Hong Kong Branch for contraventions of AML/CFT rules
The control deficiencies identified in the investigation relate to HNCBHK’s failure to continuously monitor business relationships with some customers. The bank also failed to record the names of the recipients and/or include the names of the recipients in the messages accompanying a number of cross-border outgoing wire transfers.
Gambling Commission orders Bet365 to pay £582,120 for AML and social responsibility failures at its online business
Recent investigation found that enhanced customer due diligence and know your customer triggers were ineffective at managing money laundering risk and that the company was failing to undertake financial sanctions checks on new customers prior to their first deposits.
SEC announces that Genesis has agreed to pay $21M penalty to settle charges for violating securities laws for its role with the now-defunct Gemini Earn program
Genesis Global Capital, LLC agreed to a final judgment ordering it to pay a $21 million civil penalty and imposing a permanent injunction to settle charges that it engaged in the unregistered offer and sale of securities through a crypto asset lending program known as the Gemini Earn program.