Industry News

The US Securities and Exchange Commission Charged Trade Coin Club and Three US Promoters $295 Million for Connection in a Bitcoin Ponzi Scheme

November 4th, 2022, The United States Securities and Exchange Commission (SEC) announced charges against Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor and Jonathan Tetreault for their roles in Trade...
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FinCEN issues Financial Trend Analysis of Ransomware related Bank Secrecy Act (BSA) data

On November 1st, 2022, “The Financial Crimes Enforcement Network (FinCEN) issued its most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act (BSA) filings for 2021, indicating that ransomware continued...
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Credit Suisse agreed to pay $234M to settle French Tax Fraud

October 24th, 2022, French prosecutors stated Credit Suisse has agreed to pay 238 Million Euros ($234 million) to settle tax fraud allegations, the latest blow for the embattled Swiss bank....
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FinCEN Announces $29 Million Enforcement Action Against Virtual Asset Service Provider Bittrex for Bank Secrecy Act (BSA) violations

On October 11th, 2022, The Financial Crimes Enforcement Network (FinCEN) assessed a civil money penalty in the amount of $29,280,829.20 against Bittrex, for violations of the Bank Secrecy Act (BSA)...
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The Office of Foreign Assets Control (OFAC) fines Bittrex, Inc. $24 Million for Apparent Violations of Multiple Sanctions Programs

On October 11th, 2022, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that Bittrex, Inc. (“Bittrex”), a private company based in Bellevue, Washington, that provides an...
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FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

September 29th, 2022, “U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the Beneficial Ownership Reporting requirement of the Corporate Transparency Act (CTA). “The rule will require...
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The Financial Conduct Authority fines Ghana International Bank Plc £5.8m for deficiencies in its Anti-Money Laundering Program

On June 23rd, 2022, “The Financial Conduct Authority (FCA) fined Ghana International Bank Plc (GIB) £5,829,900 for inadequate anti-money laundering and counter-terrorist financing controls over its correspondent banking activities. To...
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United Kingdom Financial Regulator (FCA) fines insurance broker JLT Specialty Limited £7.8m for financial crime control failings.

On June 22nd, 2022, “The Financial Conduct Authority (FCA) has fined JLT Specialty Limited (JLTSL) £7,881,700 for financial crime control failings, which in one instance allowed bribery of over $3m...
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The Office of Foreign Assets Control (OFAC) fines Banco Popular de Puerto Rico $255,937.86 for Apparent Violations of the Venezuela Sanctions Regulations

May 27th, 2022, The Office of Foreign Assets Control (OFAC), announced a settlement with Banco Popular de Puerto Rico for $255,937.86 related to apparent violations of the Venezuela Sanctions Regulations....
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