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LATEST: Canada’s FINTRAC hits Binance with $6M fine for AML failures

Premium May 9, 2024

MOU: Canada's Fintrac, led by Sarah Paquet (above), has signed an MoU with three US federal agencies.

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NEWS: AI adoption rising quickly in Swiss finance, says FINMA

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INSIGHT: UK’s SFO must prove it can prosecute fraud to convince firms to self-report, say expert

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NEWS: SFO new policy pushes DPAs as alternative to fraud prosecutions for UK firms

By PAUL O’DONOGHUE, Senior Correspondent Cryptocurrency exchange Binance has been handed a $6M fine by Canada’s FINTRAC due to problems with its AML reporting. FINTRAC,Canada’s national financial intelligence agency, said that it imposed the penalty on Binance for non-compliance with part of Canada’s ‘Proceeds of Crime (Money Laundering) and Terrorist Financing Act’. The organisation said…

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NEWS: AI adoption rising quickly in Swiss finance, says FINMA

 Premium

INSIGHT: UK’s SFO must prove it can prosecute fraud to convince firms to self-report, say expert

 Premium

NEWS: SFO new policy pushes DPAs as alternative to fraud prosecutions for UK firms

Regulatory Watch News

  • New York Man Charged with Immigration Fraud for Concealing Role as Perpetrator of Rwandan Genocide

    US Department of Justice

    A federal grand jury in Central Islip, New York, returned an indictment April 22 and unsealed today charging a New York man with lying on his applications for a green card and United States citizenship by concealing his past role as a leader and perpetrator of the genocide in Rwanda in 1994. According to court documents, Faustin Nsabumukunzi, 65, of Bridgehampton, New York, was a local leader with the title of “Sector Counselor” in Rwanda in 1994 when the genocide began. Between April and July of that year, members of the majority Hutu population persecuted the minority Tutsis, committing acts of violence including murder and rape. An estimated 800,000 ethnic Tutsis and moderate Hutus were killed during the three-month genocide. Nsabumukunzi was arrested this morning on Long Island and is scheduled to be arraigned at 1:30 p.m. ET before U.S. District Judge Joanna Seybert for the Eastern District of New York.

  • SFO sets out route for businesses to avoid prosecution

    The Serious Fraud Office (SFO) today launched new guidance, stating for the first time that if a corporate self-reports suspected wrongdoing and co-operates fully with investigators, it can expect to be invited to negotiate a Deferred Prosecution Agreement (DPA) rather than face prosecution, unless exceptional circumstances apply. At a legal conference in London, SFO Director Nick Ephgrave introduced new corporate co-operation guidance that will make it simpler for corporates to report suspected wrongdoing by a direct route to the SFO’s Intelligence Division via a secure reporting portal.

  • Operation Venetic: On the run Midlands man guilty of drugs supply racket

    National Crime Agency

    A high-ranking member of a Midlands-based drugs supply network has been found guilty in his absence following a National Crime Agency (NCA) investigation. Alexi Morgan, 30, from West Bromwich, failed to appear at Birmingham Crown Court for the start of his two-week trial. On 23 April a jury delivered guilty verdicts on all charges against him, and a judge sentenced him to 15 years and six months’ imprisonment.

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