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SEC charges Virginia-based RTX Corp. with violating the FCPA in connection with efforts to obtain contracts with the Qatari military
According to the SEC’s order, Raytheon used sham subcontracts with a supplier to pay bribes of nearly $2 million to Qatari military and other officials from 2011 to 2017 to obtain Qatari military defense contracts.
FinCEN has levied a record penalty of $1.3bn against TD Bank, while the U.S. DoJ has imposed an additional $1.8bn in fines for violations of the Bank Secrecy Act (BSA)
According to the settlements, TD Bank failed to implement and maintain an adequate AML program. The bank’s insufficient processing of Venmo and Zelle transactions, which are indicative of human trafficking, resulted in the bank not identifying and reporting these transactions timely to the government. They also allowed enormous backlogs of potentially suspicious activity to persist, and not adequately report the suspicious activity…
SEC charges “magic mushroom” company and two individuals with multimillion dollar pump-and-dump scheme
Bobby Shumake Japhia, and Julius Makiri Jenge, are charged for their roles in an alleged pump-and-dump scheme that defrauded investors out of approximately $8 million while generating millions of dollars in ill-gotten proceeds from sales of Minerco stock.
OFSI announces monetary penalty for breaches of UK financial sanctions imposed on Russia linked to its illegal invasion of Ukraine
The monetary penalty relates to the property management service ICSL provided to a designated person subject to an asset freeze. Between 2022 and 2023, ICSL made or received 26 payments in connection with the services they were providing to the designated person, despite knowing or having reasonable cause to suspect these were in breach of financial sanctions in the UK.
OFSI issues penalty penalty to Integral Concierge Services (ICSL) for breaches of the financial sanctions
The company was found to have facilitated property management services for a sanctioned individual, making or receiving 26 payments between 2022 and 2023, despite knowing these transactions likely breached sanctions. The total amount involved in these payments was approximately £15,000. This case marks the first fine issued by the UK…
US DoJ seizes more than $6m in alleged proceeds of a crypto-confidence scheme
The perpetrators in Southeast Asia targeted one or more individuals in the US and fraudulently obtained millions of dollars’ worth of cryptocurrency through a cryptocurrency confidence investment scheme. The FBI was able to trace victim funds on the blockchain and located multiple cryptocurrency wallet addresses which still held victim funds totaling more than $6m.
SEC levies more than $3.8m in penalties in sweep of late beneficial ownership and insider transaction reports
Settled charges announced against 23 entities and individuals for failures to timely report information about their holdings and transactions in public company stock, including Alphabet, Goldman Sachs among parties charged for late filings.
Luxembourg CSSF fines Dock Financial S.A. €40,000 due to AML and sanctions compliance failings identified as part of an on-site inspection
Luxembourg CSSF announces a fine of €40,000 on Dock Financial S.A. relating to AML and sanctions compliance failings identified as part of an on-site inspection
Nordea to pay $35 Million for Anti-Money-Laundering Violations
The bank’s AML compliance programs were found to be inadequate, with weak internal controls, insufficient transaction monitoring, and failure to properly vet high-risk customers. The bank pledged to strengthen its AML frameworks by investing in more robust systems, increasing staff training, and improving customer due diligence to prevent future violations…
Reuters: Glencore’s former head of oil has appeared in a UK court on bribery charges related to the Swiss commodity trader’s operations in Africa
Alex Beard faces two counts of conspiracy for making corrupt payments to government and state-owned oil company officials in Nigeria and Cameroon. As the most prominent commodity trader charged with alleged corruption in Britain he led Glencore’s oil division from 2007 to 2019, helping establish the company as a top oil trader. Four other former Glencore employees are also charged with related corrupt payments involving Nigeria, Cameroon…
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…