The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
AML
Posted inEurope
Lawsuit by BitMEX co-founder could test GDPR’s reach over SARs
Ben Delo, co-founder of cryptocurrency exchange BitMEX, filed a complaint against Wise Payments after the company allegedly refused his requests under the General Data Protection Regulation to provide him with personal information it submitted via suspicious activity reports.
Posted inInternal Controls
National Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
Posted inRegulatory Enforcement
BitMEX founders fined $10M each for flouting AML rules
Arthur Hayes and Benjamin Delo, co-founders of cryptocurrency exchange and derivative trading platform BitMEX, were each fined $10 million as part of guilty pleas for anti-money laundering violations under the Bank Secrecy Act.
Posted inAML
‘The Betrayal’ offers AML lessons from undercover mission that nearly comes undone
Drug Enforcement Administration undercover agent Robert Mazur’s new book chronicles his infiltration of Colombia’s notorious Cali drug cartel and the money laundering practices he observed firsthand.
Posted inEurope
Credit Suisse leak alleges corrupt customers, poor compliance practices
Credit Suisse engaged in business dealings with some of the most notorious criminals in the world, according to a consortium of media outlets that spent months parsing through the leaked records of more than 18,000 of the Swiss bank’s accounts.
Posted inRegulatory Enforcement
DOJ names head of crypto enforcement team
The Department of Justice named veteran prosecutor Eun Young Choi to serve as the first director of its newly created National Cryptocurrency Enforcement Team.
Posted inAnti-Bribery
Ericsson admits ‘corruption-related misconduct’ in Iraq
Ericsson announced an internal investigation uncovered evidence of “corruption-related misconduct” that occurred in the Swedish telecommunications company’s Iraq operations between 2011 and 2019.
Posted inInternal Controls
FINRA sanctions compliance officer for AML failures
The Financial Industry Regulatory Authority has ordered a compliance officer to pay $25,000 for failing to establish and implement a “reasonably designed” anti-money laundering compliance program at the brokerage firm where he worked.
Posted inRisk Management
FINRA 2022 exam report highlights Reg BI compliance, AML trends, more
The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring contains insights on issues the organization uncovered regarding broker-dealers’ compliance with Regulation Best Interest during the rule’s first full year in existence.