Category: AML

Regulatory Watch News

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  Activision Blizzard to Pay $35 Million for Failing to Maintain Disclosure Controls Related to Complaints of Workplace Misconduct and Violating Whistleblower Protection Rule

  SEC

  February 3, 2023

  Washington D.C., Feb. 3, 2023 —

  The Securities and Exchange Commission today announced that Activision Blizzard Inc., a video game development and publishing company, agreed to pay $35 million to settle charges that it failed to maintain disclosure controls and procedures to ensure that the company could assess whether its disclosures pertaining to its workforce were adequate. The company also settled charges that it violated an SEC whistleblower protection rule.

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  Administrative Measure Publication Notice – Bequant Pro Limited

  FIAU

  February 3, 2023

  This Notice is being published by the Financial Intelligence Analysis Unit (FIAU) in terms of Article 13C of the Prevention of Money Laundering Act (PMLA) and in accordance with the policies and procedures on the publication of AML/CFT administrative measures established by the Board of Governors of the FIAU. DETAILS OF THE ADMINISTRATIVE MEASURES IMPOSED: Administrative Penalty of Euro 242,243 and a Remediation Directive in terms of Regulation 21 of the Preventionof Money Laundering and Funding of Terrorism Regulations (PMLFTR)

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  Serious Fraud Office secures three convictions in $500 million trade finance fraud

  Serious Fraud Office

  February 3, 2023

  Today at Southwark Crown Court, the Serious Fraud Office (SFO) secured convictions of two executives of British steel trading business, Balli Steel Plc., on six counts of fraud. Nasser Alaghband, CEO of Balli Steel, had pleaded guilty to one count of fraudulent trading, ahead of the 20-week trial. Balli Steel Plc bought and sold steel around the world using short-term loans from trade finance banks to fund its deals. The company collapsed in 2013, having amassed debts of around $500 million to over 20 creditor banks, triggering an investigation by the SFO.