‘We are very glad to put this behind us;’ Global crypto exchange BitMEX to pay $100M for repeated failures in AML and KYC

Regulatory Watch News

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  FinCEN Issues Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions

  FinCEN

  April 15, 2024

  WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards. The Notice provides an overview of typologies associated with U.S. passport card fraud, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act (BSA).

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  Financial sanctions update: Sudan

  OFSI

  April 15, 2024

  On 15 April 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 3 entries have been added to the Sudan financial sanctions regime and are now subject to an asset freeze:

  • Al-Fakher Advanced Works Co. Ltd (Group ID: 16464)
  • Alkhaleej Bank Co Ltd (Group ID: 16465)
  • Red Rock Mining Company (Group ID: 16463)

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

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  Italy: EPPO carries out searches in probe into €8.8 million fraud involving training institutions

  European Public Prosecutor's Office

  April 15, 2024

  (Luxembourg, 15 April 2024) – At the request of the European Public Prosecutor’s Office (EPPO) in Rome (Italy), the Italian Financial Police (Guardia di Finanza) of Bari is carrying out searches today, in an investigation into an €8.8 million fraud in the training sector.  The searches are being conducted at the home of two suspects living in Bari and at the premises of several companies.