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The U.S. Federal Reserve has imposed a $60.6 million fine on Citigroup for continued failures in its risk management and data quality practices. The enforcement action follows Citigroup’s insufficient progress in addressing deficiencies identified in a 2020 order. Citigroup Faces $60.6 Million Fine from Federal Reserve for Risk Management Shortcomings In a recent examination, the … Read more
The alert serves as a reminder of the critical role financial professionals play as gatekeepers in the fight against financial crime. Go to Source
Binance.US is gearing up for an extended legal battle with the SEC, emphasizing its commitment to compliance and criticizing the agency’s enforcement tactics. Go to Source
Financial authorities in 25 U.S. states have reached a settlement with the cryptocurrency investment platform Abra and its CEO Bill Barhydt for operating without proper licensing. This settlement mandates significant changes in how Abra conducts its operations within these states. Abra Reaches Settlement Over Unlicensed Operations, Agrees to Major Concessions According to a report from … Read more
Despite challenges in the current DeFi and metaverse landscape, the reports highlight potential growth and innovation in these emerging sectors. Go to Source
Federal authorities have spotlighted critical deficiencies in the crisis management strategies—known as “living wills”—of four major U.S. banks, signaling a push for stronger safeguards against financial turmoil. The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve announced that plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase fell short of expectations, setting … Read more
India’s financial watchdog issued charges against Binance after reviewing written and oral submissions from the Binance Director and available company records. Go to Source
The Federal Reserve and Arkansas State Bank Department have mandated sweeping reforms at Evolve Bank & Trust following significant compliance breaches. The order highlights issues in anti-money laundering efforts and consumer protection, especially in its dealings with fintech companies and prominent crypto players like FTX. Compliance Concerns Trigger Regulatory Action Against Evolve Bank Evolve Bank … Read more
The Swiss-based bank had ties to the TrueUSD stablecoin issuer, Techteryx, crypto asset manager CoinShares and reportedly Binance. Go to Source
The U.S. politicians have accused Nigeria’s government of charging Gambaryan, a Binance compliance officer and former federal agent, with “baseless” crimes. Go to Source
