Oversight

UBS Group AG will pay €835 million ($985.6 million) to resolve a yearslong case in France over allegations the Swiss bank helped wealthy clients evade taxes. 

KPMG overlooked serious risks at three regional banks that collapsed in 2023, a U.S. Senate report has found, raising questions about the quality of oversight by one of the world’s largest audit firms.

FinCEN Files investigation revealed how U.S. banks helped move illicit money worldwide, U.S. authorities are rolling back key reforms enacted in its aftermath, sparking alarm among transparency advocates.

Hong Kong has banned Richard Charles Heyes, Citigroup’s former head of pan-Asia equities, from re-entering the financial industry for five years after finding him liable for regulatory breaches.

France has warned it may challenge the right of some crypto companies licensed elsewhere in the European Union to operate domestically, stepping up pressure for stricter oversight of the industry.

Swiss lawmakers are seeking to dilute key government proposals aimed at combating financial crime, arguing that stricter regulations threaten the country’s dominance in the global wealth management sector, according to Reuters. 

The Federal Reserve terminated a 2019 enforcement action against Sumitomo Mitsui Banking Corp. (SMBC), concluding a six-year period of heightened scrutiny over the institution’s anti-money laundering (AML) practices. 

The U.S. Securities and Exchange Commission has officially closed its 6-year investigation into Swedbank’s anti-money laundering (AML) efforts without imposing an enforcement action.

JPMorgan Chase will pay $330 million to the government of Malaysia to settle claims that it facilitated the processing of $800 million in fraudulent transactions linked to the looting of Malaysia’s sovereign wealth fund, 1MDB.