Category: AML

Regulatory Watch News

• 

  Former CFO of Russian Natural Gas Company Sentenced to More Than Seven Years in Prison for Tax Crimes

  US Department of Justice

  September 21, 2023

  Mark Anthony Gyetvay of Naples, Florida, was sentenced today to 86 months in prison for a scheme to hide millions of dollars of income in undisclosed Swiss bank accounts and submitting a false filing with the IRS. Gyetvay was also ordered to serve three years of supervised release and to pay a $350,000 fine and approximately $4,021,074 in restitution to the United States. A federal jury convicted Gyetvay in March of failing to file a Report of Foreign Bank and Financial Accounts (FBAR), making a false statement to the IRS and willfully failing to file tax returns.

• 

  Latvia: EPPO files charges in case involving project for female entrepreneurs

  European Public Prosecutor's Office

  September 21, 2023

  (Luxembourg, 21 September 2023) – On 20 September 2023, the European Public Prosecutor’s Office (EPPO) in Riga (Latvia) filed criminal charges in a case involving a project aimed at creating a centre for female entrepreneurs, funded by the EU’s European Neighbourhood Instrument. The investigation started in March 2022, into an alleged fraud involving the development of a resource centre for female entrepreneurs in the Latgale region. The resource centre was meant to serve as a co-working space for budding entrepreneurs who had no premises or equipment of their own to launch their businesses.

• 

  SEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund Names

  SEC

  September 20, 2023

  Washington D.C., Sept. 20, 2023 —

  The Securities and Exchange Commission today adopted amendments to the Investment Company Act “Names Rule,” which addresses fund names that are likely to mislead investors about a fund’s investments and risks. The amendments modernize and enhance the Names Rule and other names-related regulatory requirements to further the Commission’s investor protection goals and to address developments in the fund industry in the approximately 20 years since the rule was adopted.