Anti-Financial Crime & Financial Crime Compliance
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Analysis, Crypto, Financial Crime, Fraud, US

INSIGHT: One global villain taken off the stage but what of the other crypto bros?

Premium November 22, 2023

FRAUD: Do Kwon co-founded Terraform Labs and developed the TerraUSD and Luna currencies. The market value of TerraUSD and Luna was once estimated at more than $40 billion, and their downfall precipitated a wider collapse in token prices. Kwon now faces multiple charges of fraud in the U.S. and was arrested in Montenegro earlier this year for allegedly forging documents, authorities said. The SEC has also filed civil charges against Kwon and Terraform Labs, accusing the two of "orchestrating a multi-billion dollar crypto asset securities fraud." File photo shows himtaken to court in Podgorica, Montenegro, March 24, 2023.

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NEWS: Dominique Thienpont replaces Olivier Salles as Head of the AMLA Task Force

NEWS: TGP Europe, sponsor of multiple Premier League clubs, exits UK after £3.3M AML fine

INSIGHT: Why the US will not pull out of FATF – by organization’s former chief

By AML Intelligence Correspondent BINANCE chief Changpeng Zhao is not the only one in regulators’ sights. As token prices plummeted last year, the sector saw other stunning meltdowns that put several industry moguls into authorities’ crosshairs. Investigations are not necessarily an indication of wrongdoing, and charges may not result in convictions. All the executives below…

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Premium

NEWS: Dominique Thienpont replaces Olivier Salles as Head of the AMLA Task Force

NEWS: TGP Europe, sponsor of multiple Premier League clubs, exits UK after £3.3M AML fine

INSIGHT: Why the US will not pull out of FATF – by organization’s former chief

Regulatory Watch News

  • Memorandum of Understanding between OFAC and the Swiss State Secretariat for Economic Affairs

    OFAC

    The Department of the Treasury's Office of Foreign Assets Control (OFAC) has published its Memorandum of Understanding with Switzerland's State Secretariat for Economic Affairs (SECO).

  • Crime group used light aircraft to smuggle cocaine haul to UK

    National Crime Agency

    A qualified pilot used his light aircraft in a bid to smuggle cocaine into the UK. Pilot Anastasios Balian, 52, and accomplice Errol McCardo Weir, 48, admitted trying to bring 30kg of the Class A drug into the country, following a National Crime Agency investigation. On 20 March this year, they were stopped by Border Force officers at North Weald airfield in Epping, Essex, after landing from Belgium via Calais. Officers searched the small plane and discovered a concealment had been built into the rear seats. Inside it were 30 1kg blocks of cocaine with a street value of about £2.4m.

  • £2m fine for online operator Spreadex Limited

    Gambling Commission

    A gambling business will pay a £2,022,000 penalty after a Gambling Commission investigation revealed Anti-Money Laundering (AML) and social responsibility failings.

    Spreadex Limited – which operates from Spreadex.com – will also have to undergo a third-party audit to ensure it is effectively implementing its anti-money laundering and safer gambling policies, procedures and controls. The failures were revealed during a compliance assessment in July 2023 and relate to the operator’s Gambling Commission licence to offer casino and fixed odds betting.

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