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AML / KYC
UK FCA Grants Revolut Approval to Offer Crypto Services
By Editors | 01/10/2022
Revolut was allowed to remain on a temporary register after a March deadline for approvals until its application was fully processed.
Crypto / Digital Assets
Thai SEC Takes Legal Action Against Wash Trading in Crypto
By Sanday Chongo Kabange | 30/09/2022
The prosecution is required because the defendants, including two entities and three individuals, did not agree to the penalties prescribed by the SEC.
AML / KYC
FinCEN Issues Final Rule for Beneficial Ownership Reporting
By Editors | 30/09/2022
The rule is effective from 1 January 2024. Existing companies will have one year to report information about their beneficial owners to FinCEN.
AML / KYC
Turkish Banks to Stop Using Russia’s Mir Payment System
By Editors | 30/09/2022
Three Turkish state banks will stop using the Mir system in response to guidance issued by OFAC earlier this month. Two others stopped last week.
AML / KYC
US SEC Penalises Oracle for FCPA Violations by Foreign Subsidiaries
By Editors | 30/09/2022
Oracle subsidiaries in Turkey, the UAE, and India used slush funds to bribe foreign officials in return for business between 2016 and 2019.
AML / KYC
G7 Nations Imposing New Russia Sanctions Over “Sham” Referendums
By Manesh Samtani | 30/09/2022
The EU package includes an oil price cap and a complete ban on providing crypto services to Russians. UK targets include Gazprombank, Sberbank and Sovcombank board members.
Enforcement
SEC, CFTC Fine 16 Firms Over Use of Personal Devices, Chat Messaging
By Editors | 29/09/2022
The 16 firms agreed to pay a combined $1.82bn for failing to preserve staff communications on personal mobile devices, messaging apps and emails.
AML / KYC
CFTC Penalises Crypto Firm, Pursues First Case Against DAO
By Editors | 29/09/2022
Crypto firm bZeroX transferred its software protocol to a DAO and then marketed this as a way to be “enforcement-proof”.
AML / KYC
Deutsche Bank to Settle US Shareholder Lawsuit for $26m
By Editors | 27/09/2022
Shareholders said Deutsche Bank made false statements about its KYC and AML processes and caused losses to investors when its client list was made public.
ESG / Sustainability
US Banks Threaten to Quit GFANZ Over Legal Risks
By Editors | 26/09/2022
JPMorgan, BofA and Morgan Stanley are concerned about being sued over increasingly stringent decarbonisation commitments.
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