UK private markets firms are managing conflicts of interest inconsistently and need to prove they are treating investors fairly, according to a new report from the UK Financial Conduct Authority.
Finance
Posted inBanking
Bank reports help FinCEN identify $270M in possible student aid schemes
Reports from banks and other financial institutions have helped identify about $270 million in federal aid funds linked to suspicious financial activity, the US Treasury Department said Monday.
Posted inRegulatory Enforcement
Cleo AI paid $17M to settle allegations it deceived customers
Cash advance app Cleo AI agreed to meet compliance obligations for 10 years and to pay $17 million to settle allegations that it deceived millions of customers.
Posted inAML
Vietnam’s AML rules require banks to trace owners beyond its borders
Vietnam has introduced temporary measures to strengthen its anti-money laundering framework. It requires financial institutions to collect and clarify how they identify beneficial owners.
Posted inTop Stories
Smart ring founder faces years in prison for lying to investors
The founder of a “smart ring” startup company was found guilty of lying to investors to further her nearly $2 million Ponzi scheme, the DOJ announced.
Posted inFinance
Man City Football Club facing penalties for breaking financial compliance rules
Manchester City Football Club faces penalties for falsifying its revenues using sham contracts and misstated financial accounts. The Premier League announced that an independent commission had found the club guilty of all serious charges against it.
Posted inRegulatory Enforcement
Loan fraud involving former CEO and his friends allegedly led to collapse of Oklahoma’s First National Bank of Lindsay
A former borrower of the First National Bank of Lindsay conspired with the bank’s former chief executive concerning loans, which contributed to the Oklahoma bank’s collapse in 2024, the DOJ said.
Posted inSanctions
Data leak reveals Russian fintech providing sanctions-evasion-as-a-service to launder payments via global banks
Billions of dollars have been laundered through big-name global banks by the Russian A7 payments fintech.
Posted inBanking
CFTC proposes reviving 2012 exemption for pool operators, advisors
The CFTC has proposed a rule that would codify informal registration exemptions that commodity pool operators and commodity trading advisors have been enjoying by virtue of a no-action letter issued in December.
Posted inBest Practices
Why compliance, not technology, will decide the future of digital sovereign finance
A citizen in the Marshall Islands receives universal basic income directly to a mobile wallet via USDM1, a sovereign digital bond backed by U.S. Treasury bills. The pilot shows that digital public finance’s success hinges less on technology than on compliance.