Compliance & Ethics

Swiss National Bank Calls for Stronger Banking Regulations in Wake of Credit Suisse Crisis

The Swiss National Bank (SNB) has released its 2024 Financial Stability Report, highlighting the need for significant regulatory reforms in the wake of the Credit Suisse crisis. The report, which comes just over a year after UBS's acquisition of Credit Suisse, outlines several key areas where the Swiss banking regulatory framework requires strengthening.

Singapore Unveils Updated Risk Assessment on Money Laundering

Singapore recently published its updated Money Laundering (ML) National Risk Assessment (NRA). This comprehensive assessment, a collaborative effort involving supervisory and law enforcement agencies, the Suspicious Transaction Reporting Office (STRO), private sector entities, and international counterparts, synthesizes the current ML risks facing the nation.

BaFin Fines Citigroup Global Markets Europe AG €12.975 Million for Algorithmic Trading Violations

The Federal Financial Supervisory Authority (BaFin) of Germany has imposed a significant fine on Citigroup Global Markets Europe AG for breaching regulations related to algorithmic trading. On May 24, 2024, BaFin announced an administrative fine of €12,975,000 against the investment firm.

Swiss Regulator Cracks Down on HSBC Over Money Laundering Lapses

The Swiss Financial Market Supervisory Authority (FINMA) has cracked down on HSBC Private Bank (Suisse) SA for serious violations of anti-money laundering laws involving two politically exposed persons (PEPs).

European Supervisory Authorities Propose Enhancements to Sustainable Finance Disclosure Regulation

Today, the three European Supervisory Authorities (ESAs)—the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)—published a joint Opinion on the Sustainable Finance Disclosure Regulation (SFDR). This collective assessment calls for a more coherent sustainable finance framework that supports the green transition while enhancing consumer protection, based on insights gained from the current functioning of the SFDR.

PCAOB Sanctions 3 Firms for Failing to Comply with Reporting Requirements

The Public Company Accounting Oversight Board (PCAOB) announced today that it is sanctioning three accounting firms - KKM CPA Associates PLLC, BDO Chartered Accountants & Advisors, and De Visser Gray LLP - for violating rules and regulations by failing to comply with PCAOB reporting requirements.

CFTC Hits Trafigura with $55M Penalty, Awards Whistleblower in Dramatic Day

The Commodity Futures Trading Commission has ordered Trafigura Trading LLC, a major global commodities merchant, to pay $55 million to settle charges of fraud, market manipulation, and impeding communications with the agency.