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Robinhood faces $35mn fine from New York DFS

The renegade trading platform, Robinhood, which was central to the GameStop shares frenzy earlier this year, faces a US$35mn fine from New York financial regulators. The company’s crypto division was issued with a wrist slap in 2020, following the red flagging of several “matters… Read More

UK financial watchdog urged to investigate ‘shocking’ City financing of Belarus regime

By Thomas Rowley, openDemocracy, 20 July 2021 openDemocracy – The UK’s Financial Conduct Authority (FCA) has been urged to investigate the listing of Belarusian sovereign bonds on the London Stock Exchange, openDemocracy reports today. In a letter written by the Belarusian Coordination Council and seen by openDemocracy, the opposition… Read More

All for One, or One for All?

When President Biden signed Executive Order (E.O.) 14024 in April, there were likely more than a few eyebrows raised within the compliance community. For one, the order, which authorized the imposition of sanctions on Russian interests for “specified harmful foreign activities”, marked a departure from the previous administration’s response to the alleged… Read More
13th July 2021
A Penang Umno leader has been charged at the sessions court here with 106 counts of money laundering amounting to over RM11 million in cash, stocks and property as ‘gifts’ received from various companies. Bayan Baru Umno chief Mansor Musa was charged with receiving kickbacks between Sept 2011 and Aug… Read More
4th July 2021
Westpac has uncovered “sophisticated and externally perpetrated” potential fraud, estimated at about $200m after tax, and has kicked off court action in response. The major bank said on Friday it had started Federal Court proceedings against Forum Finance over a portfolio of equipment leases with Westpac customers it had arranged,… Read More
4th July 2021
Thailand’s financial watchdog filed a criminal complaint against cryptocurrency exchange Binance on Friday for operating a digital asset business without a licence, the latest in a string of crackdowns on the platform by regulators globally. Thailand’s Securities and Exchange Commission (SEC) said in a statement that Binance had been operating… Read More
2nd July 2021
Robinhood Markets Inc., dogged by fines and regulatory scrutiny, revealed several new inquires from state and federal watchdogs as it seeks to sell shares in one of the year’s most anticipated public offerings. Among the fresh disclosures made in its registration statement: U.S. prosecutors demanded access to Chief Executive Officer… Read More
1st July 2021
Swiss prosecutors said on Wednesday they are investigating whether bribery, money laundering or other crimes linked to Ecuador oil trading were committed in Switzerland following a U.S. criminal case against an ex-Gunvor Group employee. U.S. prosecutors are investigating “the suspected bribery of Ecuadorian public officials and money laundering,” the Swiss… Read More
28th June 2021
Singapore prosecutors on Monday filed 13 additional charges against a local businessman in relation to a scheme that allegedly raised more than S$1 billion ($746 million) from investors to fund bogus nickel trades. Authorities in the city state have implicated Ng Yu Zhi, a former managing director of trading companies… Read More
27th June 2021
In what appears to be the first enforcement action of its kind, the Securities and Exchange Commission in May fined broker-dealer GWFS Equities Inc. $1.5 million for failing to file 130 suspicious activity reports (SARs)—and including insufficient information in 297 SARs it did file. The settlement… Read More
25th June 2021
The European Union imposed wide-ranging economic sanctions on Belarus for the first time on Thursday, targeting its main export industries and access to finance a month after it forced a Ryanair flight to land in Minsk. The measures include banning EU businesses from importing goods or doing business with Belarusian… Read More
24th June 2021
A pair of South African brothers have vanished, along with Bitcoin worth $3.6 billion from their cryptocurrency investment platform. A Cape Town law firm hired by investors says they can’t locate the brothers and has reported the matter to the Hawks, an elite unit of the national police force. It’s… Read More
9th June 2021
A 39-year-old man from Deventer was arrested on suspicion of large-scale fraud with self-made cryptocurrency coins, police confirmed. He is suspected of running online trading platform Coinhouse.eu. Clients of the site claim they were victims of a scam. A 22-year-old man from Apeldoorn and a 41-year-old man from Zaandam were… Read More