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GRIP Extra: Treasury mulls stronger role for FinCEN, ESMA publishes supervisory expectations
Our in-brief roundup of notable stories from the last week.
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OFAC fines equity manager $11.5m over ties to sanctioned Russian oligarch
IPI was penalized for managing $50m for a Russian citizen for four years after he was sanctioned.
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Crypto firms and bank trade groups submit comments on digital assets and surveillance
They submitted responses to the US Treasury’s request for feedback on how emerging tech (like AI) could be implemented to best detect illicit digital asset activity.
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US regulators nix agency principles for managing climate-related financial risk
Current staff believe that the climate principles established just two years ago may distract large financial institutions from managing material risks.
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US Treasury designates Cambodia’s Prince Group a transnational criminal organization
The DOJ’s parallel forfeiture action is the largest ever involving crypto fraud, while FinCEN targeted a sophisticated scam support network.
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A7A5 Russian stablecoin continues to evade sanctions
Despite action taken in August, $6 billion worth of the token is known to have been moved since then.
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FinCEN proposes two-year delay for investment adviser AML rule
The Department of the Treasury regulator cites potential cost savings and lack of industry readiness as it looks to rework the rule.
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Global banking regulators stick to climate priorities despite US pushback
Some of the world’s major banking regulators have agreed to stick to efforts aimed at understanding the risk to financial services from climate change, and vice versa, despite pressure from the US to abandon the project.