Malta imposes over €4.6 Million in fines for failures in anti-money laundering regimes

Regulatory Watch News

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  Ukraine-/Russia-related Designation Removal

  OFAC

  May 6, 2024

  The following deletions have been made to OFAC's Sectoral Sanctions Identifications List:

  SBERBANK (SWITZERLAND) AG, Gartenstrasse 24, 8002 Zurich, Switzerland; PO Box 2136, Zurich 8027, Switzerland; Freigutstrasse 16, 8027 Zurich, Switzerland; SWIFT/BIC SLBZCHZZ; Website www.slb-bank.ch; Executive Order 13662 Directive Determination - Subject to Directive 1; Secondary sanctions risk: Ukraine-/Russia-Related Sanctions Regulations, 31 CFR 589.201 and/or 589.209; Registration ID CH-020.3.908.277-7 (Switzerland); alt. Registration ID CHE-106.291.569 (Switzerland);

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  SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings

  SEC

  May 3, 2024

  Washington D.C., May 3, 2024 —

  The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients that the firm’s work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm’s work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm’s audits complied with PCAOB standards.

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  Financial sanctions update: Global Human Rights

  OFSI

  May 3, 2024

  On 3 May 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. The following 6 entries have been added to the Global Human Rights financial sanctions regime and are now subject to an asset freeze:

  • Neria Ben Pazi (Group ID: 16486)
  • Noam Federman (Group ID: 16489)
  • Eden Levi (Group ID: 16485)
  • Elisha Yered (Group ID: 16493)
  • Hilltop Youth (Group ID: 16487)
  • Lehava (Group ID: 16488)

  OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.