Global Regulation

On 14 August 2024, the Commodity Futures Trading Commission (CFTC) handed down substantial penalties to Truist Bank, TD Bank, and Cowen for serious lapses in recordkeeping, supervisory practices, and the use of unapproved communication channels, such as personal text messages, violated federal regulations.

On 26 July 2024, the Monetary Authority of Singapore (MAS) issued a new circular (AMLD 08/2024) aimed at enhancing the anti-money laundering (AML) and countering the financing of terrorism (CFT) measures within the wealth management sector. This directive targets financial institutions (FIs) dealing with high-net-worth individuals (HNWIs), and the necessity of thoroughly verifying the sources of their wealth (SOW) before initiating business relationships.

On 26 July 2024, Latvijas Banka published its Financial Stability Report, offering an in-depth analysis of Latvia’s financial system, including the macrofinancial environment, real estate market, and credit institution sector.

On 25 July 2024, the Securities and Futures Commission (SFC) issued a stern warning about CoinUnited.io, an unlicensed virtual asset trading platform.

On 17 July 2024, WazirX experienced a major security breach resulting in the theft of over $230 million from a multisignatory wallet. This breach involved Liminal’s digital asset custody services.

On 10 July 2024, UK authorities successfully converted Monero cryptocurrency into cash for the first time; Convicted seller Jack Finney has been compelled to repay £23000 from his criminal proceeds; This case has set a precedent for law enforcement in tracking and seizing privacy-focused cryptocurrencies to set out legal fines.

On 2 July, 2024, Swiss cryptocurrency infrastructure platform Taurus announced partnership with Zand Bank in the United Arab Emirates (UAE). This collaboration aims to significantly enhance Zand’s capabilities in custody, tokenization, and blockchain connectivity.

The Australian Tax Office (ATO) is closely tracking crypto gains as the financial year ends on June 30, 2024. This year, the ATO has significantly ramped up its efforts in crypto tax compliance by launching an improved data matching program to ensure accurate reporting from crypto investors.

The Indian Directorate of Enforcement (ED) on 19 June, 2024 arrested Manideep Mago under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a significant illegal foreign remittances case. Mago was presented before the court on June 18, 2024, where he was remanded to five days of ED custody until June 23, 2024.