Regulatory Enforcement

Featured Regulatory Enforcement

New Zealand: Premium slapped with $770,000 anti-money laundering fine

An Auckland-based foreign exchange business has been slapped with a $770,000 fine for breaking anti-money laundering laws. “Given the scale, nature and circumstances of KVB’s (CLSA Premium’s) non-compliance, I am satisfied that this penalty accurately reflects the gravity of the breaches and reflects the principles of deterrence and denouncement,” said… Read More

The wealthy clients of Pilatus Bank

Pilatus Bank, a small private bank opened in Malta in 2013, was perhaps most notorious for its personal, ‘secret’ business model, largely catering for politically exposed persons (PEPs) under strict rules of due diligence. Having started operations in January 2014, the bank, owned by Ali Sadr Hasheminejad, a US-naturalised Iranian… Read More

U.S. probes Raytheon’s dealings with consultant for Qatar Armed Forces

U.S. authorities are investigating whether payments by U.S. weapons maker Raytheon Technologies Corp to a consultant for the Qatar Armed Forces may have been bribes intended for a member of the country’s ruling royal family, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. A lawsuit… Read More
7th September 2021
Cryptocurrency exchange Binance will not offer products in Singapore dollars and will stop all online communication operations in the country by Friday, after a warning from the local regulator, according to an announcement on the company’s website on Sunday. The company outlined it will stop trading cryptocurrency pairs and… Read More
6th September 2021
German authorities have imposed a $178,000 fine on state-owned KfW-Ipex-Bank for facilitating loans to an Angolan brewery linked to Isabel dos Santos, the eldest daughter of the country’s former president. Frankfurt prosecutors said that the subsidiary of Kreditanstalt für Wiederaufbau (KfW) violated German anti-money laundering laws, Süddeutsche Zeitung reported. Read More
2nd September 2021
The U.K.’s accounting watchdog filed a disciplinary complaint against KPMG LLP, a former partner and current and former employees of the accounting firm over their role in past audits of two U.K. companies. KPMG and the individuals cited provided “false and misleading information” and documents to the Financial Reporting Council… Read More
2nd September 2021
The top U.S. securities regulator on Wednesday sued the founder of the now-defunct cryptocurrency exchange platform BitConnect over his alleged role in fraudulently raising about $2 billion from retail investors. Expanding a civil case announced in May, the U.S. Securities and Exchange Commission charged BitConnect founder Satish Kumbhani, an Indian… Read More
1st September 2021
Pilatus Bank has been fined a record €4.9 million for a “serious and systemic failure” to follow anti-money laundering laws at the now-shuttered bank. In a notification on its website, the Financial Intelligence Analysis Unit (FIAU) on Tuesday said the bank’s lax approach to due diligence on its customers… Read More
31st August 2021
The TSB Bank has been penalised $3.5 million for breaches of anti-money laundering rules. The Reserve Bank (RBNZ) brought the case after TSB failed to fix faults in its systems that it was warned about in 2016, with what the RBNZ called an “inadequate and ineffective” effort to fix… Read More
26th August 2021
Binance, the world’s largest cryptocurrency exchange, is “not capable” of being effectively supervised, according to the UK’s financial regulator. The Financial Conduct Authority in an 11-page notice published Wednesday said Binance Markets Limited, a London-based affiliate of Binance, failed to supply further information about its business model and wider… Read More
26th August 2021
Anti-money laundering (AML) systems and internal rules at Estonian bank Luminor need improving, the financial supervisory authorities of all three Baltic States have found. Estonia’s financial supervisory authority, the Finantsinspektsioon, along with the the Financial and Capital Market Commission (Latvia) and Lietuvos bankas (Lithuania) had carried out an on-site inspection… Read More
24th August 2021
Global fines for failures related to money laundering at banks and financial services firms were five times higher last year than in 2019 as regulators took a harder line over breaches. Total enforcement fines linked with efforts to combat money laundering reached $2.2 billion in 2020, up from $444… Read More
20th August 2021
Penalties imposed on global finance companies for breaching anti-money laundering rules almost halved in the first six months of 2021 as compared to the same period in 2020. Penalties for non-compliance with AML and know-your-customer regulations dropped 40% in the first half of 2021 to total around $930m globally, according… Read More