Anti - Money Laundering

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Crypto Exchange KuCoin Hit With Record Anti-Money Laundering Penalty in Canada
Decrypt· 2025-09-25 21:13
Core Points - KuCoin, operated by Peken Global Limited, is facing a $14 million (over $19.5 million CAD) anti-money laundering penalty from Canada's FINTRAC, marking the largest penalty ever imposed by the agency [1][2] - The penalty was issued for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, specifically for failing to register as a foreign services money business and not reporting large virtual currency transactions above $10,000 CAD [2][3] - KuCoin has appealed the decision in Canadian Federal Court, arguing against the classification as a Foreign Money Services Business and the severity of the penalty [4][6] Regulatory Context - FINTRAC emphasizes the importance of compliance with anti-money laundering and anti-terrorist financing regulations to protect Canadians and the economy [2] - The agency works with businesses to ensure understanding and compliance with their obligations under the Act [3] Previous Legal Issues - In January, KuCoin pleaded guilty to operating an unlicensed money transmitting business in the U.S., resulting in nearly $300 million in fines and forfeitures [5][6] - Co-founders Chun Gan and Ke Tang were ordered to forfeit $2.7 million in cash and subsequently left the firm after the settlement [5]
Morgan Stanley Faces Probe Over Anti-Money Laundering Practices
PYMNTS.com· 2025-07-23 14:25
Core Viewpoint - Morgan Stanley is under investigation by the Financial Industry Regulatory Authority (FINRA) regarding its money laundering prevention measures and client vetting practices [2][3]. Investigation Details - The investigation focuses on Morgan Stanley's client risk ranking and practices from October 2021 to September 2024 [3]. - FINRA is seeking information on both U.S. and international clients within Morgan Stanley's wealth management and trading desks, including details on senior foreign political figures and their associates [4]. Regulatory Context - FINRA, while not a government agency, has the authority to impose fines on broker-dealers that violate its regulations [5]. - Morgan Stanley is also facing scrutiny from multiple federal agencies, including the SEC, OCC, and FinCEN, regarding its client vetting processes [6]. Related Regulatory Developments - The investigation coincides with the Treasury Department's announcement of a two-year delay on a new anti-money laundering rule for investment advisers, now set to take effect in 2028 [7][8]. - The delay aims to balance regulatory costs and benefits while addressing risks posed by illicit finance [8].
Flywire Named to PCI Security Standards Council 2025-2027 Board of Advisors
Globenewswire· 2025-06-04 13:00
Core Viewpoint - Flywire has been appointed to the PCI Security Standards Council (PCI SSC) 2025-2027 Board of Advisors, marking its second consecutive term, which underscores its commitment to enhancing payment security standards and protocols [1][2][3] Group 1: Company Representation and Expertise - Flywire's CTO, David King, and CIO/CISO, Barbara Cousins, will represent the company on the PCI SSC Board, leveraging their extensive experience in security and payments [1][2] - David King was part of the original team that drafted the initial version of PCI DSS 1.0, bringing valuable insights to the Board [2] Group 2: Commitment to Security and Compliance - Flywire is PCI DSS Level 1 certified, the highest level for credit card data security, and undergoes annual SOC II Type II audits to ensure strong information management processes [3] - The company actively manages global regulatory requirements, including comprehensive Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) programs, and complies with various data protection laws such as GDPR, CCPA, PIPEDA, HIPAA, and FERPA [3] Group 3: Client Trust and Security Differentiation - Flywire's security capabilities are a key differentiator for its global clients, as evidenced by Nordic Visitor's decision to select Flywire for its international payments due to robust security and compliance features [4] - The company emphasizes that being a leader in security and compliance is about building trust with clients and their customers, not just meeting regulatory requirements [5] Group 4: Industry Collaboration - The PCI SSC Board of Advisors provides industry expertise that influences the development of PCI security standards and programs, highlighting the collaborative effort to enhance payment data security globally [5][6]