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NEWS: Binance sees $956 mln in outflows after Zhao steps down to settle US probe

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NEWS: Deutsche Bank US subsidiary hit with $4M fine by SEC after late SARs filings

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NEWS: Canada’s AML watchdog plans scorecard to improve monitoring, sources say

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NEWS: US consumer watchdog sues big banks over ‘widespread’ fraud on Zelle payment app

By Lisa Pauline Mattackal

Investors pulled about $956 million from crypto exchange Binance over the past 24 hours, data firm Nansen reported on Wednesday, a day after its chief, Changpeng Zhao, stepped down and pleaded guilty to breaking U.S. anti-money laundering laws.

The deal, which will see Binance pay $4.3 billion to U.S. authorities to settle the years-long illicit finance probe, has raised questions over the future of the world’s largest crypto exchange and marks another blow for an industry beset by scandals. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said.

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NEWS: Deutsche Bank US subsidiary hit with $4M fine by SEC after late SARs filings

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NEWS: Canada’s AML watchdog plans scorecard to improve monitoring, sources say

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NEWS: US consumer watchdog sues big banks over ‘widespread’ fraud on Zelle payment app

Regulatory Watch News

  • SFC bans fund manager Ng Ka Shun for life and fines him $1.7 million for serious misconduct

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) has banned Mr Ng Ka Shun, responsible officer (RO) of Agg. Asset Management Limited (Agg), for life and fined him $1.7 million for window-dressing Agg’s financial resources and mismanaging two funds (Notes 1 to 3). Window-dressing financial resources The SFC found that Ng began window-dressing Agg’s financial resources when the firm submitted its licence application. He misled the SFC into believing that Agg had satisfied the financial requirements for a licence by window-dressing the firm’s liquid capital as of 31 March 2017.

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    Australia Federal Police

    A Japanese man appeared before Perth Magistrates Court yesterday (22 December, 2024) charged after allegedly importing 9kg of methamphetamine into Australia. ABF officers allegedly detected the drugs on Saturday 21 December, 2024, after selecting the man, 32, for a baggage examination when he arrived at Perth Airport on a flight from New Zealand. ABF officers conducted an x-ray of the man’s suitcases, which revealed anomalies. An ABF detector dog then gave a positive reaction to the baggage.

  • Deutsche Bank Subsidiary to Pay $4 Million for Untimely Filing Certain Suspicious Activity Reports

    SEC

    Washington D.C., Dec. 20, 2024 —
    The Securities and Exchange Commission today charged registered broker-dealer Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, for failing to file certain Suspicious Activity Reports (SARs) in a timely manner. Deutsche Bank Securities has agreed to pay a $4 million civil penalty to settle the SEC’s charges. Broker-dealers are required by the Bank Secrecy Act and regulations promulgated by the U.S Department of the Treasury’s Financial Crimes Enforcement Network to file SARs for transactions they have reason to suspect involve funds derived from illegal activity, lack a business or apparent lawful purpose, or are intended to facilitate criminal activity.

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