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United States
Enforcement
SEC, CFTC Penalise Firms $555m for Use of Unapproved Messaging Apps
By Manesh Samtani | 09/08/2023
The use of “off-channel” communications was “pervasive and longstanding”. Wells Fargo was penalised $200mn, while BNP Paribas and SocGen were each fined $110mn.
Crypto / Digital Assets
PayPal Unveils Stablecoin Plans, Prompting Call for Clear Regulations
By Editors | 08/08/2023
PayPal plans to allow US customers to exchange PYUSD for other cryptocurrencies as well as use it to fund purchases, make transfers to external wallets, and send person-to-person payments.
Sanctions
OFAC Halts $26m in Funds Tied to Indian Diamond Traders
By Editors | 08/08/2023
OFAC reportedly suspects fund transfers were made to diamond suppliers with links to Russian miners and sanctioned bodies.
ESG / Sustainability
ISSB Asked to Prioritise Biodiversity in Two-year Work Plan
By ESG Investor | 07/08/2023
Respondents to ISSB’s agenda priorities consultation call for focus on biodiversity and nature, progress on social and human-rights related reporting standards.
Crypto / Digital Assets
Industry Bodies Call on IOSCO to Tackle Conflicts of Interest in Crypto
By Manesh Samtani | 06/08/2023
The WFE, GDF, IIF and FIA each address conflicts of interest in the crypto sector in their responses to IOSCO’s consultation.
Enforcement
US Hacker Pleads Guilty Over 2016 Bitfinex Cyber Theft
By Editors | 04/08/2023
Ilya Lichtenstein admitted to being the original hacker in the 2016 cyberattack on Bitfinex and pleaded guilty to conspiracy to commit money laundering.
Enforcement
SocGen Reaches Settlement Over Unauthorised Messaging Probe
By Editors | 03/08/2023
SocGen said it has reached separate settlements with the SEC and CFTC, both of which were “pending formal regulatory approval.”
US Lawmakers Accuse BlackRock, MSCI of Aiding China Military
By Editors | 03/08/2023
US House committee accuses BlackRock and MSCI of indirectly financing blacklisted entities that facilitate human rights abuses.
AML / KYC
US SEC Flags Deficiencies in Broker Dealer AML Programmes
By Editors | 03/08/2023
Some broker dealers had deficiencies in independent testing, staff training, customer identification and due diligence practices.
Crypto / Digital Assets
US SEC Files Charges Over $1bn in Unregistered Crypto Securities Offerings
By Editors | 01/08/2023
Richard Heart misappropriated at least $12mn of offering proceeds to purchase luxury goods, including the largest black diamond in the world.
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