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Financial Crime
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Divided US Fed splits on supervisory rating framework
A US Federal Reserve that has become increasingly divided on regulatory matters during the Trump administration issued a bank-friendly proposal yesterday to revise ... (more story)
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UK banks get new guidance on 'politically exposed persons' in wake of Farage spat
UK banks and other financial services firms received fresh regulatory guidance today on how to treat "politically exposed persons," or PEPs, for anti-money launderi... (more story)
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US Supreme Court’s nationwide injunction opinion impacts agency rulemaking
A US Supreme Court opinion that federal court judges lack authority to impose universal injunctions won't stop those judges from issuing injunctions in data privacy... (more story)
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A US judge denied an effort on the eve of trial by Tornado Cash co-founder Roman Storm to throw out conspiracy charges due to a lack of venue, but she was skeptical of the government’s evidence and said the ma... (more story)
A former Russian banker reached a deferred-prosecution agreement with US authorities to resolve charges that he helped a blacklisted oligarch violate sanctions. In recent months, the government’s case against him unraveled.
Wise US, a New York-based subsidiary of the UK international financial transfer firm, agreed to pay $4.2 million to resolve investigations by five state regulators over failures in its anti-money laundering co... (more story)
UK-based employees of Harman International enabled the diversion of its products to Iran in violation of US sanctions, the US Treasury Department said. Harman agreed to pay $1.45 million to resolve the investigation.
The upcoming US trial of a cryptocurrency software developer can include mentions of a North Korean hacking group, a judge ruled today, though she limited the extent to which prosecutors can discuss the organi... (more story)
Meta Platforms has described its delayed response to a request by the UK Financial Conduct Authority to take down potentially illegal content from its platform as an “isolated incident.” In April, Lucy Castled... (more story)
UK online bank Monzo has been fined 21.1 million pounds ($28.7 million) by the country’s financial regulator for financial crime failings between October 2018 and August 2020. The challenger bank has been unde... (more story)
Indian authorities are seeking to extradite the brother of a fugitive diamond mogul from the US for allegedly aiding in his sibling’s bank fraud.
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Federal prosecutors are pushing back on claims from a Georgia businessman that a US Supreme Court decision legalizing gratuities to public officials in the US also authorizes payments to foreign officials. The... (more story)
A US Supreme Court opinion that federal court judges lack authority to impose universal injunctions won't stop those judges from issuing injunctions in data privacy disputes or run-of-the-mill antitrust cases ... (more story)
Former Barclays boss Jes Staley's failure to persuade a UK court to overturn an industry ban over his links to Jeffrey Epstein is a vindication for the country's financial services regulator — and will likely ... (more story)
In a US trial of a cryptocurrency entrepreneur that centers on the alleged laundering of funds stolen by a blacklisted North Korean hacking group, the businessman is asking a federal judge to prevent the gover... (more story)
When Denmark takes the reins of EU policy talks on July 1, it will scrutinize the new securitization package proposal while also addressing several contentious financial reforms from the previous term. These i... (more story)
A San Francisco venture capital firm turned to lawyers in 2018 for an opinion on whether US sanctions imposed on a Russian billionaire would apply to its investments. The advice GVA Capital received was incorr... (more story)
The UK fraud prosecutor appears to have ditched its aversion to assisting companies worried about falling foul of the law to ensure their compliance processes are up to scratch. A senior Serious Fraud Office o... (more story)
Reports of the death of US anti-bribery enforcement were greatly exaggerated, the Trump administration signaled this week, but observers told MLex that the proof will come when prosecutors start bringing new cases.