ANALYSIS: The key problems identified in the massive Wells Fargo AML enforcement order

Regulatory Watch News

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  FINTRAC imposes an administrative monetary penalty on Coinseason Capital Inc.

  FINTRAC

  September 20, 2024

  FINTRAC announced today that it has imposed an administrative monetary penalty on Coinseason Capital Inc. This money services business in Richmond, British Columbia, was imposed an administrative monetary penalty of $33,000 on May 31, 2024, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. Coinseason Capital Inc. was found to have committed the following administrative violation:

  • Failure to renew their registration as a money services business with the Centre.

  The administrative monetary penalty has been paid in full by Coinseason Capital Inc. and proceedings have ended.

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  Financial sanctions update: DPRK

  OFSI

  September 20, 2024

  On 20 September 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. Enacting the UN’s decision to amend 1 entry on 20 September 2024, the following entry has been amended on the DPRK financial sanctions regime and remains subject to an asset freeze:

  • Ri Pyong Chul (Group ID: 13572)

  OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.

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  Mobile Application (App) Alert – Fraudulent mobile application (App) related to Bank of Singapore Limited

  HKMA

  September 20, 2024

  The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent App, which has been reported to the HKMA.  A hyperlink to the press release is available on the HKMA website.