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US DoJ charges three individuals for running a multimillion-dollar pyramid scheme
Dee and his co-conspirators allegedly recruited participants through emails, robocalls, promotional videos, and webinars. They allegedly told consumers that 8FDL was a legitimate business with real products and lied to prospective members about how much money they could make…
Gambling Commission fines online operator Gamesys £6m for AML failings
Gamesys Operations Limited – which operates 12 websites including ballycasino.co.uk, doublebubblebingo.com and jackpotjoy.com – will also have to undergo a third-party audit to ensure it is effectively implementing its anti-money laundering and safer gambling policies, procedures and controls.
CFTC orders Freepoint Commodities to pay $91m for fraudulent scheme to misappropriate material non-public information
The fraudulent and deceptive conduct spanned from 2012 to 2018 and involved unlawful misconduct designed to obtain material non-public information from a South American state-owned enterprise in connection with the purchase and sale of fuel oil. The order requires Freepoint to pay more than $91m in civil monetary penalties and disgorgement…
Law firm Clyde & Co fined $635K for breaching UK money laundering rules
Global law firm Clyde & Co was fined 500,000 pounds ($635,613) for multiple breaches of money laundering regulations relating to a long-standing client. The firm admitted it failed to conduct adequate due diligence on a shipping industry client…
US DoJ sentences former special agent of the New York FBI Counterintelligence Division
Ex-FBI agent Charles McGonigal received a 50-month sentence for aiding sanctioned Russian oligarch Oleg Deripaska .His sentencing illustrates the department’s dedication to preventing designated individuals from bypassing U.S. sanctions…
FinCEN announces largest settlement in U.S. Treasury Department history with virtual asset exchange Binance for violations of U.S. AML laws
An unprecedented action that holds Binance Holdings Ltd. and several affiliates (collectively, Binance) accountable for willful violations of the Bank Secrecy Act and its implementing regulations. FinCEN’s consent order assesses a civil money penalty of $3.4 billion.
US DoJ settles with 2 British Reinsurance brokers over Ecuador bribes
Tysers Insurance Brokers Limited and H.W. Wood Limited, two U.K.-based reinsurance brokers, have agreed to resolve investigations by the Justice Department into violations of the FCPA arising from Tysers’ and H.W. Wood’s participation in a corrupt scheme to pay bribes…
US Treasury announces largest settlements in history with world’s largest virtual currency exchange Binance for violation of US AML and Sanctions laws
Binance will pay $4.3 billion in one of the largest corporate agreements in US history. Changpeng Zhao will pay a $50 million fine under a deal that requires him to step down as CEO where he pleaded guilty to violating the Bank Secrecy Act in federal court…
US DoJ announces charges against 11 individuals involved in the distribution of fentanyl and other deadly drugs across the Ohio Valley
All were charged in a conspiracy to distribute and possess with intent to distribute. Additionally, six defendants were charged with substantive possession with intent to distribute and nine were charged with interstate travel in aid of racketeering, and eight were charged in an international money laundering conspiracy…
US DoJ announces charges against three individuals for bribery
The charges stemmed from Susan Keim’s acceptance of bribes from Wilson in exchange for awarding purchase orders to Wilson’s company for selling parts and materials to a U.S. Army Garrison. The sentences reflect legal repercussions for corrupt activities within public…
EY experts provide their insights on the impact of ESG on sustainability-related choices within the insurance sector
The summary includes insights on how organisations can navigate and manage ESG-related risks effectively within the regulatory framework, which involve integrating sustainable practices, disclosure requirements, and compliance strategies…
Patisserie Valerie charges preview impact of new failure to prevent fraud offence
The recent Patisserie Valerie charges against four individuals provide a preview of the type of scenario in which companies could be investigated under the “new failure to prevent fraud offence” as well as the expanded test for corporate criminal liability…