Welcome to our weekly newsletter focused on providing you with the latest news and insights on risk, AML, regulatory technology, and financial crime compliance.
This week, we begin on how Cryptocurrency exchange Binance is facing a lawsuit from the SEC, alleging the mishandling of funds and violation of securities laws. Next, we have an article on a former broker at Morgan Stanley in Texas who pleads guilty to stealing money from his own mother’s account.
Following, is a story highlighting the arrests made by law enforcement of six individuals involved in a large-scale wire fraud and money laundering scheme, amounting to multimillion dollars in illicit activities. Furthermore, Australia’s Commonwealth Bank is imposing limitations on cryptocurrency transactions as a precautionary measure against potentially fraudulent activities in the crypto space.
Moving forth, the Enforcement Directorate (ED) of India seizes assets valued at Rs 60.4 crore belonging to Malaika Multi-State Credit Co-op Society in response to fraud charges. Lastly, we have a piece on Umpqua Bank, which is being confronted with a second lawsuit as a result of fraudulent actions by a Novato-based company, further amplifying the legal challenges for the bank.