Regulatory Enforcement
3rd June 2021
Many cryptocurrency firms are not meeting Britain’s anti-money laundering and financing rules and, as a result, unprecedented numbers of them have withdrawn applications to register with the country’s financial watchdog, it said on Thursday. The Financial Conduct Authority (FCA) said it would extend the date of its temporary registrations regime… Read More
31st May 2021
Michael McDowell warned his fellow senators in February to think twice before rubber-stamping the EU’s latest anti-money laundering (AML) directive. Even though Ireland was more than a year late in putting the directive on the statute books, a delay that is likely to cost €2 million in fines from Brussels,… Read More
28th May 2021
For a savvy banker, the way Jean-Marc Forneri moved funds around in 2014 was curious, to say the least. That year, Forneri — who over a high-profile career advised a French finance minister, climbed to the top ranks at Credit Suisse Group AG and ran his own M&A firm… Read More
27th May 2021
The Reserve Bank is taking TSB Bank to court for breaching anti-money laundering laws. The central bank has filed claims in the High Court against TSB for failing to fix faults in its systems that it was warned about in 2016. Deputy RBNZ governor Geoff Bascand said despite the early… Read More
24th May 2021
A gold trader in Dubai has been fined a total of Dh1.35 million ($367,597) for eight separate breaches of laws governing money laundering and terrorism financing. The unnamed company was fined as part of the Ministry of Economy’s extensive inspection campaign into Designated Non-Financial Business and Professions (DNFBPs). DNFBPs are… Read More
20th May 2021
The share price of EML Payments cratered after the Brisbane-based player in niche parts of global payments markets said the Central Bank of Ireland had raised “significant regulatory concerns” about anti-money laundering compliance in its Irish-based subsidiary, which EML acquired in late 2019. EML entered a trading halt before… Read More
17th May 2021
The Cayman Islands Monetary Authority has imposed discretionary fines of $4.23 million on corporate services provider Intertrust for breaches of the Anti-Money Laundering Regulations. It is the largest-ever penalty handed down by the financial regulator for AML failings. The financial regulator said the fines are the result of Intertrust’s “pervasive… Read More
14th May 2021
The Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it has imposed on a domestic bank, the commission said. Citibank… Read More
13th May 2021
EU member states are to share a database of ships believed to be involved in criminal activity after taking on board the idea first proposed by Malta. Last year, Malta suggested the setting up of a single database of vessels involved in illicit activities to help countries make informed decisions… Read More
12th May 2021
The City watchdog has opened the door to a criminal prosecution of Greensill Capital and confirmed that it is investigating the failed lender. Nikhil Rathi, chief executive of the Financial Conduct Authority, said that the regulator was “investigating matters relating to Greensill Capital”. His comments came in a letter to… Read More