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United States
Enforcement
Wells Fargo Fined $35m for Overcharging Advisory Clients
By Mark Johnston | 28/08/2023
Wells Fargo and its predecessor firms overcharged clients because the agreed fees were not entered into billing systems.
Enforcement
Fed Terminates 2017 Cease-and-desist Order Against HSBC
By Mark Johnston | 27/08/2023
HSBC no longer has to provide progress reports on its efforts to improve internal controls or manage risks in connection with its FX trading activities.
Crypto / Digital Assets
US Authorities Propose New Tax Reporting Rules for Crypto
By Manesh Samtani | 27/08/2023
Crypto firms, NFT platforms, and wallet providers would have to report sales and exchanges of digital assets to the IRS.
Enforcement
3M Settles SEC Bribery Case Involving Chinese Subsidiary
By Mark Johnston | 27/08/2023
3M’s Chinese subsidiary paid nearly $1mn to fund at least 24 trips for Chinese government officials that included tourism activities.
Sanctions
New Zealand Joins US, UK in Sanctions over Treatment of Ukrainian Children
By Editors | 27/08/2023
The New Zealand and US sanctions coincided with Ukrainian Independence Day on 24 August.
Enforcement
US Banks Agree to Settle Stock Lending Lawsuit for $500m
By Editors | 25/08/2023
Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS denied wrongdoing but agreed to settle the lawsuit to avoid further litigation.
Sanctions
US Commerce Dept Removes 27 Chinese Companies from “Unverified List”
By Editors | 25/08/2023
The Unverified List is part of the US Export Administration Regulations. A company may be placed on the list when certain information about it cannot be verified.
Crypto / Digital Assets
US Court Jails Former OpenSea Exec for NFT Insider Trading
By Mark Johnston | 24/08/2023
Nate Chastain will spend three months in prison, followed by three months of home confinement, and three years of supervised release.
Sanctions
OFAC Expands Sanctions on Jet Fuel for Myanmar Military
By Editors | 24/08/2023
One of the sanctioned individuals helps Myanmar’s military regime procure jet fuel through Singapore-based holding companies.
AML / KYC
US Sanctions Tornado Cash Co-founder, Arrests Another
By Manesh Samtani | 24/08/2023
Russian national Roman Semenov was added to OFAC’s sanctions list. Another co-founder, Roman Storm, was arrested on Wednesday.
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