Austria Bars KuCoin from Taking on New Business Amid Compliance Staff Shortages
Austria’s financial regulator has ordered KuCoin’s European arm to stop taking on new business after the crypto exchange lost key compliance staff in the months following the firm getting a green light to operate under the EU’s Markets in Crypto-Assets (MiCA) regime.
Swedbank Faces Fresh Investigation Over AML Controls
Sweden’s Financial Supervisory Authority (FSA) has launched an investigation into whether Swedbank is complying with the country’s anti-money-laundering (AML) rules on customer due diligence.
Lawmakers Question Bowman on Fed Reforms
A group of six Senate Democrats is demanding that the Federal Reserve turn over information about the ongoing overhaul of its bank supervision division following reports of internal tension linked to staff cuts and the alleged sidelining of examiners.
U.S. Oversight of MSBs is Weakest in Years as Crypto Usage Surges
Cryptocurrency usage is surging in the United States. You wouldn’t know that from the number of federal examiners tasked with supervising the industry for anti-money-laundering (AML) compliance though.
Hurley Set to Exit Treasury Amid Dispute over Sanctions Policy
The top Trump administration official leading U.S. sanctions policy and the nation’s financial intelligence unit is set to exit the role amid friction with his boss, Treasury Secretary Scott Bessent.
Louis Vuitton Pays €500,000 for AML Failings
Louis Vuitton’s Netherlands unit has agreed to pay a €500,000 settlement after Dutch authorities concluded the company failed to adequately vet customers who repeatedly made large cash purchases over a prolonged period.
FinCEN Launches New Whistleblower Portal
The Financial Crimes Enforcement Network (FinCEN) has launched a dedicated portal to accept whistleblower tips on money laundering, fraud, and sanctions violations, the U.S. Treasury Department announced on Friday.
Athletics Academy Violated Sanctions by Taking Drug Money
A Florida company that offers elite sports training will pay $1.72 million to settle potential civil liability for allowing the children of suspected Mexican drug traffickers to take part in its programs.
Fed to Drop Some Supervisory Warnings in Oversight Revamp
The Federal Reserve has told banks it plans to review and potentially drop some outstanding confidential supervisory warnings, as Vice Chair Michelle Bowman pushes to refocus oversight on near-term threats to lenders’ financial condition.
OFAC Lets U.S. Firms Supply Equipment and Tech for Venezuela Oil
The Trump administration on Tuesday authorized U.S. companies to supply Venezuela with equipment, technology, and other support for oil and gas production, issuing a new general license that expands what American firms can do in the country’s energy sector.