Key Takeaways: ..According to FINRA, the number of reported instances involving broker-dealer fraudulent account takeovers (ATO) and related theft is on the rise. .
The trial over the money laundering allegations against cryptocurrency derivatives exchange BitMEX is scheduled to start in March 2022.
What Happened: According to Law360, New York District Judge John Koeltl scheduled the trial of BitMEX executives for March next year.
The defendants are the exchange s CEO Arthur Hayes, co-founder Benjamin Delo, and Chief Technology Officer Samuel Reed.
The BitMEX executives are accused of violating the Bank Secrecy Act and anti-money laundering laws and face up to five years in prison and a $250,000 fine if convicted.
The United States Department of Justice filed its charges against BitMex in the Southern District of New York in October, alleging that it was operating an unregistered trading platform and violating anti-money laundering regulations.
Legal Disclaimer
You are responsible for reading, understanding and agreeing to the National Law Review s (NLR’s) and the National Law Forum LLC s Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor.
The FFIEC Updates the BSA/AML Examination Manual | Ballard Spahr LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
To embed, copy and paste the code into your website or blog:
Federal regulators are increasing their scrutiny of companies compliance with Anti-Money Laundering and Bank Secrecy Act Obligations, and if January is any indication, 2021 will be a record year for penalties. Just in the last two months, regulators have imposed more than $200 million in penalties on corporations. For example, the Federal Deposit Insurance Corporation (FDIC) assessed a $12.5 million penalty against a company for unspecified AML violations; and the Financial Crimes Enforcement Network (FinCEN) penalized a company $390 million for failing to file suspicious-activity and currency-transaction reports, and for failing to implement and maintain an effective Anti-Money Laundering program. These large penalties are consistent with an enforcement trend that has seen financial regulators impose escalating fines and penalties on companies for AML violations. Total penalties for such violations exceeded $10 billion w