Reported by: Gibson Dunn U.S. anti-corruption enforcement has continued apace through the first eight months of 2022. Although some will point to declining numbers of Foreign Corrupt Practices Act (“FCPA”) enforcement actions in 2022 to date, particularly against corporations, as compared to the heights of recent years. This update from Gibson Dunn provides an overview […]
Reported by: Jamie Klein The Racing Team Nederland LMP2 team has announced its withdrawal from the IMSA WeatherTech SportsCar Championship’s Petit Le Mans season finale. Van Eerd was reportedly arrested in connection with the case, only to be released days later, but he remains a suspect and has stepped down from his position as CEO […]
Reported by: FinCEN’s Office of Strategic Communications at press@fincen.gov Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act […]
Reported by: David Smagalla The Financial Industry Regulatory Authority, Wall Street’s self-regulator, has for the first time provided guidance to its member broker-dealers on the potential penalties it could impose for violating rules intended to prevent money laundering. The guidelines from Finra, announced Thursday, could signify it plans to step up scrutiny of member firms’ […]
Reported by: Arnab Shome On Wednesday, Match-Trade Technologies announced its partnership with Sumsub, a verification platform for enhancing and automating the know-your-customer (KYC ) process for forex and CFDs brokers using its custom Client Office CRM. “We develop our solutions with Broker’s daily operations in mind. That’s why we chose to work with Sumsub,” said […]
Reported by USAO – New York, Southern Damian Williams, the United States Attorney for the Southern District of New York, Attorney General Merrick Garland, and Assistant Attorney General Kenneth A. Polite of the Justice Department’s Criminal Division, announced today that the Madoff Victim Fund established by the Department of Justice began its eighth distribution to […]
Reported by: Pandaily Authorities in China’s Hunan province have recently busted a criminal group that used cryptocurrency to launder 40 billion yuan ($5.6 billion). The trade of digital currencies was banned in the country last September. Police in Hengyang, a county in China’s southern province of Hunan alleged that the criminal group had been buying cryptocurrencies […]
Reported by: Cydney Posner It may look like just another run-of-the-mill insider trading case, but there’s one difference in this settled SEC Enforcement action: according to the SEC, it involved sales under a purported 10b5-1 trading plan while in possession of material nonpublic information. As you probably know, to be effective in insulating an insider […]
Reported by: DAVID JOLLY Attorney General Merrick Garland wants to expand the Bank Secrecy Act to non-fungible tokens to deter money laundering. In a report to President Joe Biden earlier this month, the US Justice Department warned that NFT players could be using the digital assets for illicit financing, by “self-laundering, a sequence in which criminals purchase […]
Reported by: SchengenVisaInfo.com Hungary’s Prime Minister Viktor Orbán has called on the European Union authorities to work intensively to lift its sanctions on Russia before the end of the year. Throughout a meeting held by the ruling Fidesz and Christian Democratic parties, he said that the Russia-Ukraine war is no longer a local conflict, so […]
Financial Crime News Briefs 