United States

Anti-Money Laundering

US Court Convicts Hip Hop Artist Over Jho Low Connection

By Editors | 01/05/2023

Prosecutors said Pras Michél worked with Jho Low to influence the US government during the Obama and Trump presidencies.

Cybersecurity

Chinese Police Question Staff at Bain & Co Shanghai Office

By Editors | 01/05/2023

The news comes after Chinese authorities closed the Beijing offices of Mintz Group and launched a cybersecurity probe into US chipmaker Micron.

Resolution & Recovery

JPMorgan to Assume First Republic Bank’s Deposits and Loans

By Manesh Samtani | 01/05/2023

The FDIC will provide loss share agreements as well as $50bn in financing. The cost to the Deposit Insurance Fund is estimated at $13bn.

Fraud, Scams & Cybercrime

CFTC Issues Largest Ever Civil Monetary Penalty

By Editors | 30/04/2023

The CFTC ordered the operator of a fraudulent multilevel marketing scheme to pay a $1.7bn penalty and a further $1.7bn in restitution.

AI Risk & Governance

US Agencies Pledge to Combat Harmful Uses of AI

By Editors | 30/04/2023

Four agencies reaffirmed their commitment to “vigorously enforce their collective authorities and to monitor the development and use of automated systems.”

Supervision & Enforcement

US Govt Accountability Office Shines Light on Causes of Bank Failures

By Sanday Chongo Kabange | 30/04/2023

GAO says regulators “did not escalate supervisory actions in time” to prevent the failures of Silicon Valley Bank and Signature Bank.

Trading & Investment

Firms Must Continue to Act to Ensure Orderly LIBOR Transition: FSB

By Editors | 28/04/2023

A “pile-up” towards end-June 2023 that could introduce operational risks and wider market disruption, the FSB said.

Resolution & Recovery

Standoff Could Push First Republic Bank into Receivership

By Manesh Samtani | 27/04/2023

Large banks are seeking government support to help First Republic Bank, but the government is currently unwilling to intervene.

PEPs & Sanctions

British American Tobacco to Pay $629m in DPRK Sanctions Case

By Mark Johnston | 27/04/2023

OFAC’s $508mn penalty, its largest ever against a non-financial institution, settles charges related to the export of tobacco products to North Korea.