Regulatory Enforcement
19th August 2021
Cryptocurrency exchange Binance was providing its services in the Netherlands without the required registration, the Dutch central bank (DNB) said on Monday, in the latest regulatory hurdle for the company. The company was not in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act, the De Nederlandsche Bank said, adding… Read More
19th August 2021
An Ohio man pleaded guilty in a money laundering conspiracy in which he moved more than $300 million worth of bitcoin to help users, including drug traffickers, hide the source of their cryptocurrency. Larry Dean Harmon, 38, of Akron, agreed as part of his plea in Washington, D.C., federal… Read More
18th August 2021
The U.S. has frozen nearly $9.5 billion in assets belonging to the Afghan central bank and stopped shipments of cash to the nation as it tries to keep a Taliban-led government from accessing the money, an administration official confirmed Tuesday. The official said that any central bank assets that the… Read More
18th August 2021
Papua New Guinea’s premier lender, the ASX-listed Bank of South Pacific (BSP), has warned “further compliance issues” may be uncovered by the country’s financial watchdog after it received a formal warning about its anti-money laundering program. The bank told the ASX on Wednesday its head of compliance had met with… Read More
18th August 2021
EML Payments said a remediation plan offered to the Central Bank of Ireland to allay its concerns about anti-money laundering lapses will be “substantially” completed by the end of this calendar year with all issues to be resolved by the end of March 2022. EML provided an update to the… Read More
16th August 2021
The fallout from an investigation into alleged money laundering at Monzo has deepened after lenders that provide £1 billion of savings products to the digital bank’s customers expressed concerns and one stopped new offers. OakNorth has temporarily withdrawn new savings products for Monzo customers in light of the inquiry, while… Read More
16th August 2021
The FIAU has fined the Maltese subsidiary of Swiss money transfer brand Sendvalu a total of €502,000 for money laundering breaches. The company, AWS Malta, is owned by AWS Switzerland, and its Maltese directors include Jean-Pie Gauci-Maistre of Gauci-Maistre Xynou law firm, chief financial officer Steven Zammit Cutajar, and Mark… Read More
13th August 2021
Businesses registered at some UAE free zones are getting penalty notices for failing to register with updated anti-money laundering (AML) regulations. Further delays in getting themselves registered will expose them to some heavy fines. This is part of the UAE’s zero-tolerance policy on money laundering or other proscribed activities. “Some… Read More
13th August 2021
China sentenced Gu Guoming, a former senior banker at Industrial and Commercial Bank of China (ICBC), to life in jail after being found guilty of bribery, state media said on Thursday. China’s top anti-graft body has put high-profile financial officials under increased scrutiny in recent years, with a focus on… Read More
11th August 2021
BitMEX, one of the world’s largest virtual currency derivatives exchanges, has agreed to pay up to $100 million to settle U.S. charges of unlawfully accepting customer funds to trade cryptocurrencies when it was not registered to do so as well as failure to conduct customer due diligence. The U.S. Commodity… Read More