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The USA's Securities and Exchange Commission has issued civil proceedings against five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. Settlements have been agreed.

Further reading:
Previous action against big name institutions
https://worldmoneylaunderingre...

The question of use of personal devices for regulated communications is not as simple as it seems.
https://worldmoneylaunderingre...

USA regulator FINRA says "The SEC's Regulation M is designed to prevent manipulation by individuals with an interest in the outcome of an offering, and prohibits activities and conduct that could artificially influence the market for an offered security."

The decision, says the SEC, fulfils the desire of Congress after the 2008 (sic) financial crisis to reduce reliance on the primary credit reference agencies.

The notice will be published in the Federal Register and will come into force 60 days thereafter.

Jinisha Bhatt is an independent crypto compliance consultant and a human trafficking researcher.

She will speak at The Financial Crime Forum Online on 24 May, 2023.

So, that's done. The Financial Crime Forum for those thinking about joining financial crime risk and compliance and those at an early stage in their careers just wrapped up. Thanks to our speakers and to all those that attended.

Are you new to financial crime risk and compliance? Do you fancy it as your first or next job? Do you want to enhance your career?

Having ordered the closure of Silicon Valley Bank in the USA, FDIC has created "Deposit Insurance National Bank of Santa Clara" to which depositors' funds will be transferred - so long as they are insured.

There are news reports that some USD58,000 million was "wiped off" the share value of the USA's four biggest banks as soon as trading started today.

This matters to you.

ASIC has taken court action against Green County Pty Ltd and Max Funding Pty Ltd for alleged unlicensed credit activity and other breaches of consumer credit laws.

The USA's Security and Exchange Commission has obtained a series of orders against BKCoin Management LLC and one of its principals, Kevin Kang.

On 31 January 2023, Don George Evans of Woodlands, Western Australia, was sentenced in the Supreme Court of Western Australia to 12 months' imprisonment. Mr Evans will be released immediately upon entering into a recognisance of AUD5000, to be of good behaviour for two years.

As an global association of more than 1,000 participants in markets, the The International Swaps and Derivatives Association is influential and when it issues material it carries weight outside its own area of concern. So when it has published The ISDA Digital Asset Derivatives Definitions. It makes sense to pay attention, even if you aren't in swaps or derivatives.

John Ho discusses the Regulation on Markets in Crypto-Assets or MiCA.

Cryptowallet provider Ledger said that some of its users had trouble "withdrawing" their assets. At least that's what some correspondents have called it.

But this isn't like when a hedge fund says "we're freezing withdrawal" or when there's a run on a bank (or a crypto exchange). It's more akin to a DDOS attack, albeit in all innocence.

Not so long ago, WorldRemit, a subsidiary of one of those companies with really, really stupid names (in this case Zepz) made a series of announcements. But the 12 year old company seems to be in a less than positive place.

Advance fee fraud scams go round and round. It's been a while since the "I was in government and I have a huge secret profit from over-invoicing" fraud came around but it's back and it's libelling the head of a central bank. Or, it would be if she hadn't died last year.