Featured Regulatory Enforcement

UK Gambling Regulator Fines Two Firms £2.8 Million for AML Lapses

Two online gaming companies will pay a combined £2.8 million for anti-money laundering (AML) compliance lapses related to client bets made with ill-gotten gains, the UK Gambling Commission said. The fines against Osaka-based Platinum Gaming Ltd and London-based Gamesys Ltd follow a combined £4.5 million in monetary outlays ordered… Read More

UK watchdog under fire for lack of penalties in RBS small-business scandal

Senior politicians have lambasted Britain’s financial watchdog for failing to take action against RBS or its former executives for past mistreatment of small business customers. The Financial Conduct Authority (FCA) said it was sticking by its decision not to apply penalties for actions of RBS’s former turnaround unit, the Global… Read More

Western Union to Pay $400,000 for Ties to Hezbollah-Linked Subagent

Western Union Financial Services, Inc. has agreed to pay the US Treasury Department’s sanctions arm $401,697 for processing thousands of transactions over a 4-year period on behalf of a subagent that had been blacklisted for links to terrorism. The Colorado-based money services business began working with Gambia-based subagent Kairaba Shopping… Read More
13th June 2019
Australia’s financial crime watchdog said it will audit buy-now-pay-later provider Afterpay Touch Group Ltd to ensure it was complying with anti-money-laundering and counter-terrorism financing laws, sending the company’s shares down. “The audit will help identify if Afterpay has developed and implemented the systems and controls it needs to ensure it… Read More
12th June 2019
It is one of the most ambitious anti-money laundering (AML) bills presented to the US Congress in years, though its greater distinction may be that it arrives with something harder to come by than ambition on Capitol Hill: bipartisan support from well-placed lawmakers. Four members of the Senate Banking Committee—Sens. Read More
11th June 2019
Iran has followed through on a threat to accelerate its production of enriched uranium, the head of the U.N. atomic watchdog said on Monday, departing from his usual guarded language to say he was worried about increasing tension. The assessment comes at a time of sharply increased U.S.-Iranian confrontation in… Read More
10th June 2019
Money transfer company MoneyGram International Inc is struggling to finalize a US$663m loan as its financial performance wilts under fierce competition following a US$125m US government fine last November for poor money-laundering controls, sources said. MoneyGram, the second largest provider of money transfers in the world, is raising the four-year… Read More
7th June 2019
Tens of thousands of people are expected to take to the streets of Hong Kong on Sunday in a bid to block changes to the Chinese-ruled city’s extradition laws, which could pave the way for fugitives wanted by mainland China to be sent across the border for trial for the… Read More
7th June 2019
The European Commission on Wednesday called on six EU member-states to bolster their anti-money laundering (AML) supervisory and enforcement efforts in light of recent bank scandals and the risks of crypto-assets. The requests highlight recent efforts by Denmark, Estonia, Latvia, Bulgaria, Sweden and Malta… Read More
6th June 2019
By Helen Chan, Reuters Graft scandals, and the political, economic and legal fallout associated with them, have become public enemy number one. Efforts to fight corruption and punish corrupt individuals and businesses are at the top of the agenda for many regulators and government around the world. Mere association with… Read More
5th June 2019
The U.S. Securities and Exchange Commission sued social media company Kik Interactive Inc on Tuesday, alleging it conducted an illegal $100 million securities offering of digital tokens in 2017. The move sets up what could be a high-profile legal fight over the U.S. government’s treatment of cryptocurrencies. Kik, which provides… Read More
30th May 2019
Japan’s financial watchdog on Tuesday ordered Nomura Holdings to improve its business practices after the country’s biggest brokerage admitted an employee had leaked market information. The Financial Services Agency said it had issued one of its “business improvement orders” against Nomura, a regulatory punishment that requires firms to submit a… Read More
30th May 2019
Estonia’s financial supervisor on Tuesday said it had revoked the operating licence of payment services provider GFC Good Finance Company AS over its failure to comply with the country’s anti-money laundering (AML) laws. The Tallinn-based company had in recent years “seriously breached” its legal requirements and repeatedly failed to address… Read More