FCA to Overhaul Transaction Reporting
The UK’s Financial Conduct Authority (FCA) has launched a consultation to overhaul the country’s transaction reporting regime, promising both stronger tools to combat financial crime and a lighter reporting burden for firms.
Brazil Imposes AML Rules on VASPs, Stablecoins
Brazil’s central bank unveiled long-awaited rules for virtual assets on Monday, extending anti–money laundering (AML) and counterterrorism financing (CTF) obligations to crypto firms and classifying fiat-pegged crypto transactions as foreign-exchange operations, Reuters reported.
A Third of Inspected Law Firms Break UK’s AML Rules
A third of inspected law firms in England and Wales are breaching anti-money laundering (AML) requirements, according to a report on new figures from the Solicitors Regulation Authority (SRA).
Coinbase Fined €22mn for Failing to Monitor Europe Payments
The Central Bank of Ireland has fined cryptocurrency exchange Coinbase €21.5 million for failing to properly monitor transactions, including activity potentially linked to child sexual exploitation, drug trafficking, money laundering and other crimes.
Germany’s BaFin Hits JPMorgan with Record €45mn AML Fine
Germany’s financial watchdog BaFin has imposed a record €45-million penalty on JPMorgan Chase for shortcomings in anti-money laundering (AML) controls, the Financial Times reported, citing the supervisory body.
Fed to Cut Bank-Supervision Staff by 30% as Bowman Reshapes Oversight
Federal Reserve officials plan to shrink the regulatory body’s bank-supervision workforce by roughly 30% by the end of next year, leaving roughly 350 employees in the Supervision & Regulation (S&R) division, according to an internal memo reviewed by The Wall Street Journal.
AUSTRAC Fines Crypto ATM Operator as Scam Concerns Grow
Australia’s financial crimes watchdog has fined a second crypto ATM provider in a widening crackdown on machines increasingly linked to money laundering and scams, the country’s ABC News reported.
Rise in SARs Straining Switzerland’s Anti-Money Laundering Office
Switzerland’s Money Laundering Reporting Office (MROS) says it is hitting capacity limits as banks and other firms flood the agency with record numbers of suspicious activity reports, according to SWI swissinfo.ch.
OCC Ends Final Wells Fargo Fake-Accounts Case Without a Fine
The U.S. Office of the Comptroller of the Currency (OCC) has settled its last remaining enforcement action tied to Wells Fargo’s 2016 fake-accounts scandal without imposing a fine, Banking Dive reported.
FINTRAC Imposes Record Fine Against Vancouver-Based Cryptomus
Canada’s financial intelligence agency has fined Vancouver-based cryptocurrency exchange Cryptomus nearly C$177 million, saying the firm failed to report thousands of transactions that may have involved sanctions evasion and money laundering tied to fraud, ransomware and child sexual abuse material.