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BitMEX pleads guilty to BSA/AML charges and CFTC’s Behnam points out that regulatory oversight could only help patrol the sector.
Silvergate, the California lender that was undone by the collapse of FTX, just agreed to settle state and federal probes.
The proposed amendments are based on changes to the Bank Secrecy Act contained in the AML Act of 2020.
The new rule will require investment advisers to implement procedures to verify the identity of customers and maintain records supporting verification.
The latest probe focuses on how Chinese crime groups used the lender to hide money derived from US fentanyl sales.
Changes intended to impose AML reporting rules on RIAs like those that have existed for BDs for over 20 years attract mixed reaction.
The OCC charged the California-based bank with systemic deficiencies in its risk management and internal controls.
Beijing-based ICBC signs consent order to resolve money laundering and confidential supervisory information compliance deficiencies.