Reported by Dave Michaels Biotech executive Matthew Panuwat bought options on another drug company’s stock—and earned a windfall of $120,000. The Securities and Exchange Commission now says he committed insider trading, even though he didn’t buy his employer’s stock and didn’t have inside information about the company he bet on. The case, which goes to […]
Reported by European Union Agency for Criminal Justice Cooperation National authorities in Latvia, Germany, France, Italy and Malta have carried out over 100 searches in a large-scale operation against a Russian-Eurasian criminal network and a Maltese-based financial institution allegedly involved in money-laundering services. Four suspects were detained during an action day supported by Eurojust and […]
Reported by Holly Deaton FinCEN proposes that RIAs and exempt reporting advisors (ERAs) — advisors that are not required to register with state or federal regulators but still pay fees and report public information — would now fall under the Bank Secrecy Act. The rule would require that advisors create risk-based AML/CFT programs as well […]
Reported by Chris Cumming Under the rules—which can take effect following a 60-day comment period—fund advisers including private-equity managers will have to start programs to prevent money laundering and keep records of customer cash flows. Most significantly, lawyers say, they will have to report suspicious transactions to the government. The rule is part of the […]
Reported by Chidanand Rajghatta India has put $ 37 billion into Moscow’s coffers with unprecedented purchase of Russian oil at a time it is locked in a war with Ukraine, a European think tank has said, suggesting that New Delhi’s largesse is undermining western sanctions. According to an analysis by the Finland-based Centre for Research […]
Reported by James Hockaday Labour has vowed to “plug the gaps” in existing measures to prevent Russian interference in elections and to tackle the flow of “dirty money” coming into London. Shadow foreign secretary David Lammy said that while the UK has led the way on sanctions against Russia following Vladimir Putin’s invasion of Ukraine, he’s worried […]
Reported by Gretchen Morgenson Federal financial regulators are exploring allegations by two whistleblowers that Cash App, the popular mobile payment platform, and entities providing transaction services to its users performed inadequate due diligence on customers, potentially opening the door to money laundering, terrorism financing and other illegal activities. While banks are required to know the true […]
Reported by Olaf Storbeck Germany’s financial watchdog has threatened to fine Deutsche Bank after the lender failed to fix flaws in its anti-money laundering controls, in the latest setback for chief executive Christian Sewing. Sewing promised to put an end to Deutsche Bank’s long-running legacy of control shortcomings and misconduct scandals after becoming chief executive […]
Reported by Juan Manuel Cendoya In response to an article published in UK media on 4th February, Santander can say categorically that, after a thorough internal investigation, it has not found any direct nor indirect sanctions breach in any part of the group. We have distributed the following communication to our teams: As we informed […]
Reported by Patrick Donachie Advisor advocates quickly decried the U.S. Treasury’s proposed rules aimed at stopping money laundering and terrorist financing in the RIA space, framing the mandates as “sweeping and duplicative.” The proposed rules, unveiled by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), would apply to advisors registered with the SEC and those […]
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