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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.
SEC charges 17 individuals in $300m crypto asset Ponzi scheme targeting the Latino community
Scheme targeted more than 40,000 predominantly Latino investors in the U.S. and two other countries. The complaint follows the SEC’s successful emergency action in September 2022 that halted the CryptoFX scheme and charged its two main principals, Mauricio Chavez and Giorgio Benvenuto.
RBS Bank fined £1m by Isle of Man regulator for breaching its AML/CTF code
The Isle of Man’s Financial Services Authority (FSA) issued the £1,440,481 fine after the bank breached the AML/CTF Code 2015. The fine amount has been subsequently reduced to £1,008,337. The FSA found that RBSI was unable to demonstrate that its up-to-date Customer Risk Assessment process was brought into use in a ‘timely manner’ following the introduction of the Code…
US DoJ charges a member of the Japanese yakuza criminal organisation with trafficking nuclear material obtained from Myanmar and attempting to sell it to fund an illegal arms deal
Takeshi Ebisawa, Leader within the Yakuza Transnational Organized Crime Syndicate, stands accused of conspiring to sell weapons grade nuclear material and lethal narcotics from Burma, and to purchase military weaponry on behalf of an armed insurgent group…
AML executive at US credit union fined $100,000 for failing to flag $1bn in high risk transactions
A credit union official in the US has been fined $100,000 for not reporting millions of high-risk transactions, violating AML regulations. The FinCEN found that the official failed to file suspicious activity reports for nearly 2,000 transactions worth over $350m…