Topic: Compliance

Hong Kong’s SFC rolls out guidelines for crypto exchanges

Hong Kong’s regulatory framework for crypto exchanges has entered force, covering a “great depth” of AML, customer protection, and prudential control issues – but a framework for other crypto actors is still yet to come.

01 June 2023

OSFI to implement third-party risk management guideline

Canada’s financial regulator has finalised its new rules for third-party risk management, emphasising self-assessment of firms’ risk profiles.

09 May 2023

Wells Fargo fined for “egregious” sanctions oversight failings

Wells Fargo has been fined US$97.8 million to settle eight-year-old allegations of inadequate oversight of sanctions compliance risk at one of its subsidiaries.

05 April 2023

First full SMCR review promises only “tweaks”, not overhauls, practitioners say

Experts have said UK’s first full review of the Senior Managers and Certification Regime is “bland” and that the UK government is merely “looking for a pat on the back” for its efforts.

04 April 2023

EBA adapts AML supervision guidelines to crypto firms

The EU’s banking regulator in Europe has released plans to adapt its anti-money laundering oversight to include crypto service providers, as the single market moves to put them under the same AML rules as financial institutions.

03 April 2023

CFTC accuses Binance of illegally serving US clients

Crypto trading platform Binance and its founder Changpeng Zhao are facing charges from the US Commodity Futures Trading Commission, which says it circumvented US regulations to carry out an illegal digital assets derivatives exchange, alleging that it used “creative means” to guide US customers around its own compliance controls.

29 March 2023

Canada expands AML regulations to include all mortgage lenders

Canada’s anti-money laundering regulator has proposed amendments to the country’s AML regime, which experts say will have “a significant impact” on mortgage lenders.

27 February 2023

FMIs get a year for new UK outsourcing rules compliance

The UK’s central bank has given financial infrastructure institutions 12 months to comply with newly finalised supervisory expectations for outsourcing their core functions.

13 February 2023

Coinbase reaches US$100 million settlement with New York regulators

The crypto exchange Coinbase has reached a US$100 million settlement with New York regulators over “significant failures” in its due diligence and anti-money laundering policies.

06 January 2023

Ending the year on a high: FCA hands Santander nine-figure fine for AML faults

The FCA has landed its highest fine of the year against Spanish bank Santander’s UK arm, over failures in its customer due diligence and transaction monitoring.

09 December 2022

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