INSIGHT: Massive Binance fine designed to deter others – US regulator; conference told fincrime oversight of cryptos to grow

Regulatory Watch News

• 

  Japanese national charged over 9kg meth import

  Australia Federal Police

  December 23, 2024

  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

  December 20, 2024

  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.

• 

  Central Bank establishes dedicated Fitness and Probity Unit

  Central Bank of Ireland

  December 20, 2024

  The Central Bank of Ireland has today (Thursday 19 December 2024) announced the establishment of a dedicated Fitness and Probity Unit. The fitness and probity regime is a critical element of financial regulation; protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethical and of integrity and financially sound.  Since 2020 the Central Bank of Ireland has approved appointments to more than 11,000 roles under the regime. Speaking today, Governor of the Central Bank of Ireland Gabriel Makhlouf said: “The Enria report, published in July 2024, identified several key areas for improvement in our operation of the fitness and probity regime.  We accepted the findings of the report and have used them as a basis for implementing reforms to enhance the regime’s overall effectiveness. We also committed to implementing the reforms as early as possible and before end 2024.