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A federal plan that would set minimum standards for "certain investment advisers" in the U.S. to report suspicious transactions duplicates existing requirements and unnecessarily burdens small, low-risk businesses, a majority of commenters wrote in response to the proposal. On Feb. 15, nearly two de...
The Investment Adviser Association (IAA) submitted a detailed response to the Financial Crimes Enforcement Network's (FinCEN) proposal concerning anti-money laundering (AML) compliance by Securities and Exchange Commission (SEC)-registered investment advisers. The IAA expressed strong support for ad...
A conservative appointee to the Securities and Exchange Commission called a federal proposal to extend anti-money laundering requirements to registered investment advisers, or RIAs, "unjustified" Friday, three days before the window to comment on the measure closes. In the letter, Hester Peirce, a m...
Vietnamese real-estate mogul Truong My Lan was sentenced to death in Ho Chi Minh City for illegally exerting control over Saigon Joint Stock Commercial Bank, using "ghost companies" to siphon more than $12 billion from the lender through fraudulent loans, and bribing government officials, Al Jazeera...
Commissioner Hester M. Peirce of the U.S. Securities and Exchange Commission sent a letter to Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki on the proposal to subject certain investment advisers to a range of anti-money laundering and counterterrorist financing (AML/CTF) requir...
U.S. regulators warned banks Monday that they expect them to not only vet the prepaid card providers, banking-as-a-service providers and any other third-party providers they directly serve, but also identify any customers they indirectly serve because of those relationships. As part of their custome...
Responding to a civil forfeiture claim in British Columbia, Michael Patryn, a convicted identity thief turned cryptocurrency entrepreneur, admitted in October to owning the jewelry, watches, CA$250,000 in cash and 45 gold bars that Canadian authorities seized from him in June 2021. But the valuables...
Federal prosecutors in Texas announced that Ijeoma Okoro was sentenced to 10 years in prison for orchestrating romance scams that targeted elderly victims. Okoro was previously convicted by a federal jury of conspiracy to commit wire fraud and conspiracy to commit money laundering. The jury found th...
The U.S. Securities and Exchange Commission (SEC) issued a final judgment against the Jersey City, NJ-based money services business that requires it to pay a $21 million civil penalty and imposes a permanent injunction to settle charges related to a crypto asset lending program. Specifically, the ju...
The U.S. Securities and Exchange Commission (SEC) filed a complaint in the Southern District of Texas that charges 17 individuals for their roles in a $300 million Ponzi scheme that involved CryptoFX LLC. The complaint charges Ismael Zarco Sanchez, Gabriel Arguelles, Hector Aquino, Gloria Castaneda,...