Oversight

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. 

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.

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.

Two U.S. senators reintroduced a bipartisan bill that would subject informal-value transfers and blank checks to anti-financial crime laws and strengthen the hand of prosecutors pursuing money-laundering charges. 

Citigroup executives are increasingly optimistic they can complete the compliance work tied to the bank’s major regulatory consent orders later this year, according to Reuters.

Brazil’s Finance Ministry has urged the country’s central bank to tighten regulation around pooled and escrow accounts that authorities say are being used by bad actors to circumvent asset freezes, according to Reuters.

The European Union’s new Anti-Money Laundering Authority said it is on track to become fully operational in 2028, setting out a multi-year plan that flags emerging illicit-finance threats ranging from crypto-assets to “novel payment channels.”

The UK’s Office of Financial Sanctions Implementation (OFSI) has levied a £160,000 monetary penalty on Lloyds Banking Group for violations of Russia sanctions made by its subsidiary Bank of Scotland Plc. 

Banco Santander has been fined more than €40 million by Spain’s anti-money laundering (AML) watchdog Sepblac for past shortcomings in internal processes at its digital unit.

Australia’s financial intelligence unit has ordered Singapore-based Airwallex to review whether the payments giant has violated the nation’s anti-money laundering (AML) laws.