NEWS: 10 bank workers suspect in ‘Black Axe’ money laundering probe; police warn of ‘insider threat’ at EU lenders

Regulatory Watch News

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  U.S. Treasury Issues Additional Sanctions Relief for Syrian People

  OFAC

  January 6, 2025

  WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Syria General License (GL) 24 to expand authorizations for activities and transactions in Syria following December 8, 2024. This action underscores the United States’ commitment to ensuring that U.S. sanctions do not impede activities to meet basic human needs, including the provision of public services or humanitarian assistance. This authorization is for six months, as the U.S. government continues to monitor the evolving situation on the ground.

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  Associate Of Miles Guo, Yvette Wang, Sentenced To 10 Years In Prison For Her Role In An Over $1 Billion Dollar Fraud Conspiracy

  United States Attorney Office -Southern District of New York

  January 6, 2025

  Daniel M. Gitner, Attorney for the United States, Acting under Authority Conferred by 28 U.S.C. § 515, announced today that YVETTE WANG, a/k/a “Yanping,” was sentenced by U.S. District Judge Analisa Torres to 10 years in prison for conspiracy to commit wire fraud and conspiracy to commit money laundering in connection with her managerial role in a sprawling and complex scheme WANG and her co-conspirator, Miles Guo, orchestrated in order to fraudulently solicit investments from thousands of Miles Guo’s online followers in various entities and programs.  As part of that scheme, WANG and Guo made false representations to induce victims to invest money in various entities WANG and/or her co-conspirators controlled, including GTV Media Group, Inc. (“GTV”), the Himalaya Farm Alliance, G Club Operations, LLC (“G|CLUBS”), and the Himalaya Exchange.  And then WANG and her co-conspirators spent their victims’ money on themselves, purchasing luxurious items such as million-dollar sports cars and a New Jersey mansion.

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  High Value Dealers and Art Market Participants webinar

  OFSI

  January 6, 2025

  OFSI recently issued updated High Value Dealers and Art Market Participants guidance, including on new reporting requirements which will come into effect on 14 May 2025. The guidance impacts a number of goods, including art, antiques, luxury cars, precious metals, gemstones, and investments in wines and whiskies to name a few.  

  To support industry, OFSI are hosting a webinar and Q&A session at 1pm on 16 January, followed by the same webinar but without a Q&A session on 23 January 2025. These will provide an overview of the updated guidance and reporting requirements.