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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-11-29T21:55:00
There are a slew of compliance lessons to be learned from the $4.3 billion settlement that Binance, the world’s largest cryptocurrency exchange, reached with a handful of U.S. government agencies.
The largest of those lessons is the significant penalties and company leadership, including the chief compliance officer, held personally responsible for their alleged attempts to evade U.S. laws to hold onto the exchange’s most valuable clients.
The Department of Justice (DOJ) detailed in its charging document how Binance did not comply with U.S. laws and regulations related to the anti-money laundering (AML) provisions of the Bank Secrecy Act, which also requires new customers to be vetted and transactions to be monitored for suspicious activities.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-05-15T20:00:00Z By Aaron Nicodemus
Why the wild disparity in the sentences of Binance’s Changpeng Zhao and FTX’s Sam Bankman-Fried? Aaron Nicodemus argues the performance of the compliance teams at the two cryptocurrency exchanges was as big a contrast as the penalties earned by their respective founders.
2024-05-10T19:49:00Z By Jeff Dale
The Financial Transactions and Reports Analysis Centre of Canada imposed a penalty of approximately CAD$6 million (U.S. $4.4 million) against crypto platform Binance over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism law.
2024-01-10T17:48:00Z By Kyle Brasseur
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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