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NEWS: Banks should approach crypto with heightened caution in wake of FTX scandal – US regulators

Premium January 4, 2023

CONCERNS: US regulators warned banks on the dangers of dealing in cryptos in the wake of the Sam Bankman-Fried/FTX scandal. He is charged with defrauding customers and investors in his cryptocurrency exchange bank FTX and using the funds for personal use and debts owed by his hedge fund, FTX filed for Bankruptcy in November 2022. (Photo by Anthony Behar)

NEWS: Test of Kumar’s FATF presidency as Ukraine demands Russia ‘blacklisted,’ as Moscow threatens India if it is placed on watchlist

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NEWS: Money laundering suspect Wolf sits on Porsche board which controls Volkswagen, it’s emerged

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Spain lists Gibraltar and the Falkland Islands as money laundering havens

By Hannah Lang in Washington

BANKS should be more careful about the risks of fraud, legal uncertainty and misleading disclosures by crypto firms, US regulators warned – just two months after the collapse of crypto exchange FTX stunned the financial world.

In their first joint statement on crypto, the Federal Reserve, Federal Deposit Insurance Corp (FDIC) and the Office of the Comptroller of the Currency (OCC) said they had concerns with the safety and soundness of bank business models that are highly concentrated in crypto.

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NEWS: Test of Kumar’s FATF presidency as Ukraine demands Russia ‘blacklisted,’ as Moscow threatens India if it is placed on watchlist

 Premium

NEWS: Money laundering suspect Wolf sits on Porsche board which controls Volkswagen, it’s emerged

 Premium

Spain lists Gibraltar and the Falkland Islands as money laundering havens

Regulatory Watch News

  • NCA freezes holiday home linked to South East Antrim UDA

    National Crime Agency

    A seaside holiday home in County Down believed to have been purchased with the proceeds of fraud and money laundering offences has been frozen as part of an ongoing National Crime Agency civil recovery investigation. NCA officers in the Paramilitary Crime Task Force obtained a Property Freezing Order at Belfast High Court on Monday (5 June) over the static holiday home in Ballyhalbert. The purchaser, whose family are believed to be senior members of South East Antrim UDA, will now be prevented from selling or transferring ownership of the property while the NCA investigation continues.

  • FCA introduces tough new rules for marketing cryptoassets

    Financial Conduct Authority

    Those marketing cryptoassets to UK consumers will need to introduce a cooling-off period for first time investors from 8 October 2023, under new advertising rules announced by the FCA.
    As part of a package of measures designed to ensure those who buy crypto understand the risk, ‘refer a friend’ bonuses will also be banned. The new rules mean crypto firms must ensure that people have the appropriate knowledge and experience to invest in crypto. Those promoting crypto must also put in place clear risk warnings and ensure adverts are clear, fair and not misleading.

  • Victorian man charged over exit trafficking, blackmail offences

    Australia Federal Police

    A man from regional Victoria has been charged with exit trafficking and blackmail offences, after an AFP human trafficking investigation. On 24 February 2022, the AFP launched Operation Shepherd after receiving a report from a woman who alleged she had been exited from Australia by her then husband, 46, and told she could not return to Australia.

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