The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has announced a proposed rule aimed at strengthening and modernizing anti-money laundering and countering the financing of terrorism (AML/CFT) programs for financial institutions.
In a sweeping operation across 32 federal districts, the U.S. Department of Justice (DOJ) has unveiled the results of its 2024 National Health Care Fraud Enforcement Action. The crackdown has led to criminal charges against 193 defendants, including 76 licensed medical professionals, for their alleged involvement in schemes totaling approximately $2.75 billion in intended losses and $1.6 billion in actual losses to health care programs. Attorney General Merrick B. Garland emphasized the DOJ's commitment to prosecuting those who exploit healthcare systems for profit.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced significant sanctions against nearly 50 entities and individuals forming a vast "shadow banking" network supporting Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and the Islamic Revolutionary Guard Corps (IRGC). This network has facilitated illicit access to the international financial system, processing billions of dollars since 2020. The primary activities generating these revenues include the sale of Iranian oil and petrochemicals, vital for funding advanced weapons systems and regional proxy groups.
The European Union has officially launched its new framework for tackling money laundering and terrorist financing. The European Banking Authority (EBA) has welcomed this development, which includes the establishment of a dedicated anti-money laundering and countering the financing of terrorism authority (AMLA).
The Securities and Exchange Commission (SEC) has taken action against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras, alleging a market manipulation scheme that raised $137.5 million from investors in 2021.
The Federal Reserve Bank of Chicago has entered into a Written Agreement with Pedcor Financial, LLC, Pedcor Financial Bancorp, and Fidelity Federal Bancorp. This action comes in response to concerns about the financial soundness and risk management practices of these entities, which control United Fidelity Bank, FSB in Evansville, Indiana.
The Securities and Exchange Surveillance Commission (SESC) has recommended that administrative disciplinary action be taken against MUFG Bank, Ltd. (MUBK), Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS), and Morgan Stanley MUFG Securities Co., Ltd. (MSMS). This decision follows a comprehensive inspection revealing serious violations under the Financial Instruments and Exchange Act (FIEA).