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This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.
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US FDIC urges FinCEN to revise customer identification program rules, allowing banks to collect partial social security numbers for account opening to align with fintech verification methods
Acting Chairman Travis Hill has sent a letter to the (FinCEN) advocating for greater flexibility in certain Customer Identification Program requirements for bank-fintech partnerships. Specifically, Hill supports allowing the collection of just the last four digits of a Social Security number from customers, as is currently allowed for credit card users. Federal authorities have already permitted this approach for credit card customers, and I believe it should be…
US DOJ fines Global Cryptocurrency Exchange BitMEX $100m for violating the Bank Secrecy Act, and failing to establish, implement, and maintain an adequate AML/KYC programme
BITMEX and its executives knowingly violated U.S. laws by failing to implement mandatory AML and KYC programs, instead allowing U.S. customers to access their platform with minimal verification, prioritising revenue over compliance…
US Attorney General’s Memorandum on ‘Total Elimination of Cartels and Transnational Criminal Organisations’, outlines key policy shifts, including the disbanding of the KleptoCapture Task Force
Among the changes are directives to (1) eliminate the KleptoCapture Task Force and the Kleptocracy Asset Recovery Initiative (KARI); (2) prioritize Foreign Corrupt Practices Act (FCPA) and Foreign Extortion Prevention Act (FEPA) investigations that are related to foreign bribery that facilitates the criminal operations of cartels and transnational criminal organizations (TCOs); (3) shift focus away from FCPA and FEPA investigations and cases that do not involve such a connection; and (3) remove the “bureaucratic impediment” requiring …
FINRA 2025 Annual Regulatory Oversight Report, highlight new contents provides updates on AI and investment fraud by bad actors that directly targets investors
Highlights key compliance risks and regulatory updates for member firms, including emerging risks like third-party cybersecurity threats, AI implementation, and extended hours trading.
White House unveils first steps toward new policies supporting cryptocurrencies and digital financial technology
The new administration has promised to provide clear regulatory guidance regarding cryptoassets to promote innovation, in a marked shift from the risk-focused approach under its predecessor. A new executive order revokes all of the Biden administration’s digital asset policies and emphasizes promoting open blockchain networks and dollar-backed stablecoins. It also prohibits U.S. central bank digital currencies and ordered a study of a possible federal strategic cryptocurrency reserve…
US DoJ convicts man for conspiracy to commit insurance fraud, ML, filing false tax returns and identity theft
Court documents revealed that Wilson conspired with others to fraudulently obtain over 30 life insurance policies by misrepresenting applicants’ health, wealth, and existing coverage over US $20 million in death benefits. He also defrauded investors to fund premiums on these fraudulent policies and concealed proceeds through multiple bank accounts. Wilson filed false tax returns to hide millions in fraud proceeds…
Reuters: Donald Trump signed an executive order to establish a cryptocurrency working group focused on new regulations and exploring a national crypto stockpile
The order also ensures banking services for crypto firms and bans central bank digital currencies (CBDCs) to prevent competition with cryptocurrencies. Additionally the SEC rescinded a costly crypto asset guidance, responding to industry pressure. The move contrasts sharply with the Biden administration’s crackdown on crypto exchanges, earning praise from the industry…
US DoJ announced that the Dubai-based Wall Street Exchange will pay over $9.2 m to settle a bank fraud investigation
The company admitted responsibility for past actions of its former executives including failing to disclose ML violations and misrepresenting facts to Bank between 2015 and 2018. Despite regulatory actions against its subsidiary, Forex, WSE maintained banking relationships by misreporting the company’s compliance status. The case highlights the importance of robust AML measures, with WSE agreeing to enhance its compliance program…
Global Witness warns of a concerning shift for environmental and human rights protections from executive orders issued by the new Trump administration
The statement criticises President Trump’s recent executive orders for threatening global progress, accusing his administration of prioritizing profits and dangerous ideologies over people, communities, and the environment, while vowing to continue exposing those fueling the climate crisis…
SEC Acting Chairman Uyeda launches a Crypto Task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets
The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously…
US DoJ charges CLS Global FZC LLC, a cryptocurrency financial services firm, with ‘wash trading’- fraudulent manipulation of cryptocurrency trading volumes
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 charges stem from involvement in “wash trading” through a fake crypto company, NexFundAI…
SEC announces 200 enforcement actions in Q1 of FY 2025, the highest number filed in any first quarter since at least 2000
Reports 200 enforcement actions in the first quarter of fiscal year 2025 (October-December 2024), including 118 standalone actions, marking the highest number of filings for this period since 2000. Of these, 75 were filed in October 2024 alone. The cases addressed violations such as financial misstatements, misleading disclosures, conflicts of interest, bribery schemes, fraud targeting retail investors, and misleading claims about artificial intelligence.