UK FCA Fines Starling Bank £29 Million for Failures in Financial Crime Systems and Controls

by Theresa Joy Lacatan | Oct 4, 2024 | Blog News, Crypto News

On 2 October 2024, the UK Financial Conduct Authority (UK FCA) issued a final notice for a fine of £28,959,426 imposed on Starling Bank Limited for failings in its financial crime controls, particularly relating to anti-money laundering (AML) and financial sanctions...

US Judge finds New California Election Deepfake Law Unconstitutional and imposed Preliminary Injuction against Assembly Bill 2839

by Theresa Joy Lacatan | Oct 4, 2024 | Blog News, Crypto News

On 2 October 2024, U.S. District Judge John A. Mendez by its order issued a preliminary injunction against California’s newly enacted law, Assembly Bill 2839 (AB 2839), which sought to regulate the use of AI-generated deepfakes in elections. The law, signed by...

U.S. SEC Announces Departure of Enforcement Director Gurbir S. Grewal, Names Acting Leadership

by Theresa Joy Lacatan | Oct 4, 2024 | Blog News, Crypto News

On 2 October 2024, the U.S. Securities and Exchange Commission (US SEC) announced the resignation of Gurbir S. Grewal, Director of the Division of Enforcement, effective 11 October 2024. Following Mr. Grewal’s departure, Sanjay Wadhwa, the current Deputy Director of...

Barclays Bank Settles with US CFTC Over Five Million Misreported Swap Transactions, Agrees to US$4 Million Penalty

by Theresa Joy Lacatan | Oct 3, 2024 | Blog News, Crypto News

On 30 September 2024, the United States’ Commodity Futures Trading Commission (US CFTC) announced that Barclays Bank PLC had reached a settlement in response to charges of violating several key reporting regulations under the United States Commodity Exchange Act....

Singapore High Court Grants Zettai Pte. Ltd. Four-Month Moratorium Amidst Cryptocurrency-Related Financial Crisis

by Theresa Joy Lacatan | Oct 3, 2024 | Blog News, Crypto News

On 27 September 2024, the High Court of the Republic of Singapore issued an order in the ongoing case of Zettai Pte. Ltd., a company undergoing restructuring amidst significant financial and operational challenges. This order, granted under Section 64 of the...

Crypto ATM Operator Pleads Guilty to Unregistered Network and Money Laundering Offences

by Theresa Joy Lacatan | Oct 2, 2024 | Blog News, Crypto News

On 30 September 2024, the UK Financial Conduct Authority (UK FCA) made a landmark announcement regarding the conviction of Olumide Osunkoya, who pleaded guilty to five significant offences at Westminster Magistrates’ Court. This case marks the UK’s...