The Federal Financial Supervisory Authority (BaFin) has recently issued an administrative fine of €170,000 against Deutsche Bank AG. This penalty comes as a consequence of the bank's failure to promptly submit reports on suspicious transactions, a fundamental element in combating money laundering and terrorist financing.
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has taken a significant step in the fight against money laundering and terrorist financing by announcing a Notice of Proposed Rule Making (NPRM). This NPRM identifies international Convertible Virtual Currency Mixing (CVC mixing) as a class of transactions of primary money laundering concern.
Brazil is being called upon to urgently undertake significant reforms to build on its recent progress in the fight against foreign bribery, according to the Organization for Economic Co-operation and Development (OECD). The OECD's 45-country Working Group has just completed its Phase 4 evaluation of Brazil's implementation of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and related instruments.
Australia's energy regulator, the Australian Energy Regulator (AER), has initiated legal action against Santos Ltd, the oil and gas producer, for alleged violations of auction record-keeping rules that occurred between March 2019 and June 2021. The AER has filed a lawsuit in the Federal Court, accusing a unit of Santos of failing to maintain essential records of material renominations across six different auction facilities on a staggering 4,701 occasions.
Regulators, led by the U.S. Securities and Exchange Commission (SEC), are stepping up their scrutiny of financial service firms' communication methods in a sector-wide clampdown. While text messages and emails have come under tighter surveillance, the focus is now shifting towards video calls, with concerns that regulators will soon assess these calls for potential compliance breaches.
The Commodity Futures Trading Commission's (CFTC) Division of Enforcement has taken a step toward achieving greater transparency and accountability in its enforcement resolutions. In a move aimed at enhancing compliance, preventing misconduct, and deterring future violations, the Division has issued an advisory to guide enforcement staff in making recommendations to the Commission. The advisory outlines key considerations related to civil monetary penalties, corporate compliance monitors, consultants, and admissions.
The Securities and Exchange Commission's Division of Examinations has unveiled its examination priorities for the year 2024. These priorities, which were released to inform investors and registrants, underline the key risks and issues that the Division will address in the upcoming year.