Topic: Financial crime

OCC warns of “absurd results” in review of ex-CEO fine

The OCC has argued an ex-bank CEO’s attempts to compel review of his six-year-old consent order, following a 2018 Supreme Court ruling on the SEC’s use of administrative law judges, would cause “chaos” in the United States’ administrative order if allowed.

03 November 2021

Binance hires California’s top regulator, as FinCEN creates digital currency post

Crypto-asset exchange Binance has hired the former head of California’s financial regulator, while the US Treasury’s Financial Crimes Enforcement Network has created a new post to advise on digital currency issues.

08 July 2021

BaFin president heads for exit following Wirecard scandal

Germany’s top financial regulatory official has agreed to step down in the aftermath of the Wirecard scandal, as the German government prepares to reorganise the country’s watchdog.

02 February 2021

ESMA slams “unaligned” German regulators over Wirecard scandal

As German financial regulator BaFin awaits a drastic overhaul of its supervisory powers, the European Securities and Markets Authority has criticised it and accounting watchdog FREP for their “unaligned” handling of the Wirecard accounting scandal.

05 November 2020

Goldman Sachs to address risk management after US$2.9 billion 1MDB settlement

Goldman Sachs has been ordered to improve its risk management and oversight procedures after settling with 10 regulators in five jurisdictions over an alleged multibillion-dollar bribery and embezzlement scheme with respect to Malaysian fund 1MDB.

29 October 2020

New data measures aim to shed light on illicit transactions

The US Federal Reserve and enforcement agency FinCEN will require banks to record more data on cross-border transactions to combat terrorist financing under newly-announced proposals, as the latter announces the first fine against a crypto service provider for violating Bank Secrecy Act protocols.

28 October 2020

Banks must report security law violations, Hong Kong regulator says

The Hong Kong Monetary Authority has told banks they should report violations of the territory’s controversial National Security Law as they would anti-money laundering/counter-financing of terrorism violations.

22 October 2020

DFS calls for regulators to target social media companies after Twitter hack

New York’s Department of Financial Services has called for social media companies to be regulated as systemically important institutions, saying a July hack of multiple public figures’ Twitter accounts raised serious cybersecurity concerns.

15 October 2020

FATF and Hong Kong regulators target crypto and anonymity “red flags”

Reports released from the Financial Action Task Force and Hong Kong’s securities regulator have pointed to money laundering and terrorism financing “red flags” arising from the use of crypto asset exchanges.

28 September 2020

Baoshang bankruptcy a “compliance wake-up call” in China

China’s central bank has announced that it will allow troubled Baoshang Bank to become the first commercial lender to file for bankruptcy in China since 2001, in a move that could prompt other lenders to “step up” their risk assessments and internal audits amid growing non-performing loan portfolios.

10 August 2020

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