US Bank CapitalOne faces $290M penalty for AML failures; FinCEN describes ‘egregious’ violations of rules over a six-year period

Regulatory Watch News

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  Treasury Sanctions Burma Warlord and Militia Tied to Cyber Scam Operations

  OFAC

  May 5, 2025

  WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Karen National Army (KNA), a militia group in Burma, as a transnational criminal organization, along with the group’s leader Saw Chit Thu, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit, for their role in facilitating cyber scams that harm U.S. citizens, human trafficking, and cross-border smuggling.  The KNA-controlled region, located on the Thai-Burmese border, is home to multiple cyber scam syndicates, and the KNA has benefitted from its connection to Burma’s military in its criminal operations.  Although statistics vary, American victims of cyber scams like the ones emanating from Burma have collectively lost billions of dollars over the last three years.

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  European Prosecutors for Poland and Sweden take oath before the Court of Justice of the EU

  European Public Prosecutor's Office

  May 5, 2025

  (Luxembourg, 5 May 2025) – Today, at the Court of Justice of the European Union in Luxembourg, the European Prosecutors for Poland and Sweden gave the solemn undertaking to comply with the obligations arising from their duties. They were recently appointed to the European Public Prosecutor’s Office (EPPO) by the Council of the EU, following the decision of Poland and Sweden to join the EPPO. They are appointed for a non-renewable term of six years.

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  DFSA Annual Report 2024 published: a year marking key regulatory developments, continuous supervisory activity, and strengthened stakeholder engagement

  DFSA

  May 5, 2025

  Key Highlights from the DFSA Annual Report 2024:

  • Introduction of updated regulatory frameworks for audit, crypto, and client assets.
  • 10 consultation papers and eight thematic review reports published, reinforcing transparency and alignment with international best practices.
  • Enforcement action taken against five firms and three individuals, resulting in fines totalling USD 2.5 million.
  • 154 new firms licensed and registered, bringing the total to 902 regulated entities – a 14% increase from 2023, led by a 75% surge in wealth management licence issuances.
  • The DIFC remains one of the world’s largest jurisdictions for the issuance of listed sukuk with USD 95.4 billion of outstanding sukuk listings.
  • The DFSA is now a signatory to 117 bilateral Memoranda of Understanding (MoUs), five multilateral MoUs, and eight innovation agreements – facilitating regulatory cooperation and collaboration.