Tag

Sanctions Violations

All articles tagged with #sanctions violations

business7 days ago•25 min saved

Treasury Imposes $1.2B Penalty on Bank of America for AML and Sanctions Failures

The U.S. Treasury Department has levied a $1.2 billion fine on Bank of America for willful violations of anti-money laundering and sanctions laws. The penalty, the third-largest in Treasury history, stems from the bank's failure to report over $5 billion in suspicious transactions linked to Chinese networks and the southwest border. Bank of America admitted to these violations and agreed to an additional $11.6 million settlement with the Office of Foreign Assets Control.

via New York Post|

#bank-of-america #business #financial-regulation

crime3 years ago•7 min saved

Tornado Cash Founders Arrested for $1 Billion Money Laundering Scheme

The founders of Tornado Cash, a cryptocurrency mixer, have been charged with conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money transmitting business. Roman Storm has been arrested in Washington state, while Roman Semenov remains at large. The indictment alleges that Tornado Cash facilitated over $1 billion in money laundering transactions and laundered hundreds of millions of dollars for the sanctioned North Korean cybercrime organization, Lazarus Group. The founders knowingly operated the service, despite being aware of its use by hackers and fraudsters to conceal the proceeds of their crimes.

via Department of Justice|

#crime #cryptocurrency #lazarus-group

politics3 years ago•2 min saved

Charges Filed Against Biden Critic and Think Tank Founder for Foreign Agent Activities

Gal Luft, a dual U.S.-Israeli citizen and vocal critic of President Joe Biden and his family, has been charged with failing to register as a foreign agent and violating U.S. sanctions on Iran. Federal prosecutors allege that Luft worked to advance China's interests by paying an adviser to then-President Donald Trump to publicly support certain policies. He is also accused of brokering illicit arms deals involving China and setting up meetings between Iranian representatives and a Chinese energy company. Luft, who remains a fugitive, has claimed that his arrest was an attempt to prevent him from testifying before congressional Republicans about the Biden family.

via ABC News|

#biden-family #china #foreign-agent

cryptocurrency3 years ago•2 min saved

DOJ Investigates Binance for Possible Russian Sanctions Violations

The US Department of Justice's national security division is investigating Binance for allegedly allowing Russian customers to access the exchange in violation of US sanctions related to Russia's invasion of Ukraine. This is the latest high-profile action against Binance, which has also faced investigations by the SEC and CFTC. Binance claims to comply fully with all US and international financial sanctions and has built a large compliance team.

via CoinDesk|

#binance #cryptocurrency #cryptocurrency-exchange

finance3 years ago•1 min saved

Wells Fargo Slapped with $97-98M Fine for Sanctions Violations

Wells Fargo is being fined $97.8 million by the Federal Reserve and the Treasury Department for violating U.S. sanctions by allowing a foreign bank to make prohibited transactions on one of the bank’s platforms called Eximbills between 2010 and 2015. The foreign bank used the platform to process about $532 million in transactions that violated U.S. sanctions rules involving parties in jurisdictions subject at the time of the transaction to sanctions regulations.

via The Wall Street Journal|

#eximbills #federal-reserve #finance