UPDATE: US TREASURY SECRETARY JANET YELLEN SAYS: IT IS CRITICAL FOR SOUTH AFRICA TO ADDRESS CORRUPTION, LOOKING TO STRENGTHEN ANTI-MONEY LAUNDERING RULES more to follow……
Regulatory Watch News
Samuel Bankman-Fried Sentenced to 25 Years for His Orchestration of Multiple Fraudulent Schemes
US Department of Justice
Samuel Bankman-Fried, also known as SBF, 32, of Stanford, California, was sentenced today to 25 years in prison, three years of supervised release, and ordered to pay $11 billion in forfeiture for his orchestration of multiple fraudulent schemes. Bankman-Fried, who was the founder of the cryptocurrency exchange FTX and the cryptocurrency trading firm Alameda Research, misappropriated billions of dollars of customer funds deposited with FTX, defrauded investors in FTX of more than $1.7 billion, and defrauded lenders to Alameda of more than $1.3 billion.
FinCEN Seeks Comments on Customer Identification Program Requirement
FinCEN
WASHINGTON—The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a request for information (RFI) related to existing requirements for banks under the Customer Identification Program (CIP) Rule to collect a taxpayer identification number (TIN) from a customer prior to opening an account. Generally, for a customer who is an individual and a U.S. person, banks are required to collect a full Social Security number (SSN) from a customer. The RFI is being issued in consultation with staff at the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Board of Governors of the Federal Reserve System.
BaFin investigates the company YEM FOUNDATION
BaFin
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company YEM FOUNDATION and the services it is offering. BaFin has information that the company is conducting banking business and providing financial services without the required authorisation. The company is not supervised by BaFin.
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