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“SEC fines Wells Fargo $7M for anti-money laundering lapses” The Securities and Exchange Commission said Friday that Wells Fargo Advisors had agreed to pay $7 million to settle charges of anti-money laundering related violations. The regulator said Wells Fargo Advisors failed to file at least 34 Suspicious Activity Reports in a timely manner between April 2017 and October 2021. The lapse arose because the…
” Industry experts weigh in on SEC hiring more crypto cops “ The United States Securities and Exchange Commission (SEC) is seeking to hire more people to focus on digital assets, raising the number of personnel charged with safeguarding investors in cryptocurrency markets almost twofold. The SEC’s Cyber Unit, which comprises the Crypto Assets and…
” European watchdog lists crypto next to lawyers, accountants as an AML threat “ Europe’s Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) watchdog, MONEYVAL, has listed monitoring the crypto sector along with “gatekeeper” professionals, such as lawyers and accountants, as priorities in European nations’ push to combat money laundering. In a media release…
” OCC issues order against Anchorage Digital over AML compliance “ The United States Office of the Comptroller of the Currency, or OCC, has said it intends to pursue cease and desist proceedings against cryptocurrency custody bank Anchorage Digital for violating certain anti-money laundering requirements. In a Thursday announcement, the OCC said it issued a…
” AUSTRAC releases 2 new guides to help spot illicit crypto use “ Australian financial compliance enforcement agency AUSTRAC has released two new guides to help entities to spot when customers are using crypto for illicit means, or when they are being forced to pay the creators of ransomware. But it warned that debanking customers…
” Unhosted is unwelcome: EU’s attack on noncustodial wallets is part of a larger trend “ Last week, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE) voted in favor of a regulatory update that could compromise the exchange platforms’ ability to deal…
“How a crew laundered millions in cartel cash across NYC” The sight of the state trooper’s flashing lights was enough to send Shaui Sun into a panic as the Queens man sped down a Georgia highway in a rented SUV. Sun and his passenger, Darren Hing Li, were nearly 800 miles from their homes in…
“Two 20-year-olds charged in alleged $1.1M NFT scam” The duo were charged with wire fraud and conspiracy to commit money laundering for allegedly selling bogus NFTs to investors before abandoning the project, shutting down their website, and absconding with $1.1 million in digital funds. They took the virtual money and ran. Prosecutors in New York’s…
” NCA wants regulation for coin mixers, but the crypto industry is already one step ahead “ The United Kingdom’s National Crime Agency (NCA) seeks to regulate the crypto coin mixers under the country’s laws against money laundering. Coin mixing tools are popular in the decentralized world as they maintain the privacy of transactions. These…
” Consolidation and centralization: How Europe’s new AML regulation will affect crypto “ According to recent media reports, six European countries, led by Germany, are working on launching an Anti-Money Laundering (AML) body that will include the cryptocurrency market in its purview. Details remain scarce, but it is known that the initiative involves Germany, Spain,…