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The U.S. Attorney’s Office for the Southern District has used its jurisdiction over Wall Street to aggressively prosecute financial crimes. Photo: chip east/ReutersThe U.S. Attorney’s Office in Manhattan has launched a pilot program that seeks to offer an incentive to individuals to report to and cooperate with authorities in the prosecution of criminal conduct. The program, announced Wednesday by the U.S. Attorney’s Office for the Southern District of New York, known for shepherding high-profile white-collar criminal cases, aims to help prosecutors bring more misconduct to light.
Organizations: U.S, Attorney’s, Southern, of Locations: Manhattan, of New York
Nondisclosure Agreements Get Trickier Under New SEC Scrutiny
  + stars: | 2023-12-05 | by ( Mengqi Sun | ) www.wsj.com   time to read: 1 min
Provisions that impede an individual from communicating with the SEC are unlawful under the Dodd-Frank Act. Photo: Spencer Platt/Getty ImagesCompanies have long used employee nondisclosure agreements to protect proprietary information. Now, regulators are trying to ensure that clauses in those agreements don’t also serve to inhibit whistleblowers from reporting potential corporate wrongdoing. In recent months, the U.S. Securities and Exchange Commission has taken a number of actions against companies whose various employment contracts have language that might hold employees back from reporting misconduct to regulators. A watershed moment came in September, when the SEC fined hedge fund D.E.
Persons: Dodd, Frank, Spencer Platt, Shaw Organizations: SEC, Getty, Companies, U.S . Securities, Exchange Commission
Binance Penalties Include a Number of Crypto Industry Firsts
  + stars: | 2023-11-22 | by ( Mengqi Sun | ) www.wsj.com   time to read: 1 min
Binance will be required to retain a monitor for five years to oversee compliance changes. Photo: dado ruvic/ReutersU.S. regulators’ settlement with the largest cryptocurrency exchange marked a new era in its enforcement efforts in the nascent sector. Some of the penalties imposed on Binance are a first for a cryptocurrency company, with regulators employing powerful measures typically used in the past to rein in major financial institutions.
Persons: dado ruvic Organizations: Reuters Locations: Reuters U.S
OneCoin, which was started in 2014 in Sofia, Bulgaria, marketed and sold cryptocurrency by the same name. Photo: 360-Berlin/Jens Knappe/Zuma PressAn executive who held the title of compliance head at purported cryptocurrency issuer OneCoin pleaded guilty Thursday to wire fraud and money-laundering charges, the U.S. Justice Department said. Irina Dilkinska, a 42-year-old Bulgarian national, was the so-called “head of legal and compliance” for OneCoin. She pleaded guilty in Manhattan federal court to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering for her role in what the prosecutors described as a $4 billion global multilevel-marketing scheme. She potentially faces a total of 10 years in prison on the two counts.
Persons: Jens Knappe, OneCoin, Irina Dilkinska Organizations: Zuma Press, U.S . Justice Department, Bulgarian, OneCoin Locations: Sofia, Bulgaria, Berlin, Manhattan
GE HealthCare Technologies says it found ‘tender irregularities and other potential violations’ of the Foreign Corrupt Practices Act related to its activities in some Chinese provinces. Photo: Cfoto/Zuma PressGeneral Electric spinoff GE HealthCare Technologies said it reported potential foreign bribery violations in some of its operations in China to U.S. regulators. GE HealthCare found “tender irregularities and other potential violations” of the Foreign Corrupt Practices Act related to its activities in some Chinese provinces, according to a quarterly report filed by the company with the Securities and Exchange Commission on Tuesday.
Organizations: GE HealthCare Technologies, Zuma Press General Electric, GE HealthCare, Securities and Exchange Commission Locations: China, U.S
Texting: Wall Street’s Latest Dilemma
  + stars: | 2023-10-31 | by ( Mengqi Sun | ) www.wsj.com   time to read: 1 min
About 69% of Gen-Z respondents to a survey conducted by email management technology provider Edison Mail last year said they preferred to communicate through messaging apps. Photo: Philip Toscano/Zuma PressWall Street firms are facing a problem that is growing more difficult by the day: how to capture staff communications as required by regulators while the ways their employees talk to each other keep changing. On one hand, the Securities and Exchange Commission has been cracking down on so-called off-channel communications, where employees use personal devices and banned apps to send business-related messages that rules say must be recorded. On the other hand, the ways people communicate have changed since the regulations were first enacted, with almost everyone texting about almost everything these days.
Persons: Philip Toscano Organizations: Edison, Press, Securities and Exchange Commission
Why Hamas Uses Crypto to Raise Money
  + stars: | 2023-10-20 | by ( Paul Kiernan | Mengqi Sun | ) www.wsj.com   time to read: 1 min
Crypto technology helped Hamas raise millions of dollars before the Israel-Hamas war. Photo: menahem kahana/Agence France-Presse/Getty ImagesWASHINGTON—The role of cryptocurrencies in illicit finance has come under renewed scrutiny after The Wall Street Journal’s report that Hamas and other militant groups used the technology to raise millions of dollars ahead of their recent attacks in Israel. Some lawmakers responded by calling for tougher rules to curb crypto’s utility for criminals and groups under U.S. sanctions. Crypto firms say they work to keep such users off their platforms and argue that digital tokens can help law enforcement track bad actors.
Persons: menahem kahana Organizations: Agence France, Getty, WASHINGTON Locations: Israel
U.S. Targets Crypto Mixers Over Money Laundering Risks
  + stars: | 2023-10-20 | by ( Ian Talley | Mengqi Sun | ) www.wsj.com   time to read: 1 min
Deputy U.S. Treasury Secretary Wally Adeyemo, pictured during an event in September, said the department “is aggressively combating illicit use of all aspects of the [convertible virtual currency] ecosystem by terrorist groups “ Photo: Michael Nagle/Bloomberg NewsThe Biden administration designated international cryptocurrency platforms commonly known as “mixers” as primary money-laundering hubs that threaten national security. The U.S. Treasury Department’s unprecedented proposal—using laws usually deployed against foreign banks and foreign jurisdictions—will require special record-keeping and reporting for any financial transactions involving international mixers. The potential targeting of an entire class of transaction represents a significant regulatory step meant to shape the future of the global financial system.
Persons: Wally Adeyemo, Michael Nagle Organizations: U.S, Treasury, Bloomberg, Biden, U.S . Treasury Locations: U.S
Brazil Must Do More to Stop Foreign Bribery, OECD Says
  + stars: | 2023-10-19 | by ( Mengqi Sun | ) www.wsj.com   time to read: 1 min
A São Paulo skyline. Among other things, the OECD working group highlighted shortcomings in Brazil’s statute of limitations system, which has allowed some defendants to go free. Photo: nelson almeida/Agence France-Presse/Getty ImagesBrazil has made progress in combating foreign bribery schemes over the last nine years, but still has a way to go in successfully charging individuals, an international antibribery watchdog said. In a report published Thursday, the Organization for Economic Cooperation and Development’s Working Group on Bribery in International Business Transactions commended the Brazilian government for progress implementing new legislation against corporate bribery and taking enforcement actions against large-scale foreign bribery schemes since its last evaluation in 2014.
Persons: nelson almeida Organizations: OECD, Agence France, Getty, Organization for Economic Cooperation, Bribery, Business Locations: Paulo, Brazil
Last year’s crypto winter diminished the ability of crypto firms to draw legal and compliance talent. Photo: Omar Marques/Zuma PressThe cryptocurrency industry has been battered by the collapse of crypto exchange FTX and the fraud allegations surrounding it, as well as implosions at other big crypto players. For the firms that remain standing, growing regulatory pressure means there is a stronger need than ever for compliance talent.
Persons: Omar Marques Organizations: Zuma
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/doj-offers-more-incentives-to-self-report-wrongdoing-in-m-a-transactions-f0f08632
Persons: Dow Jones Organizations: doj
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sec-fines-hedge-fund-d-e-shaw-10-million-for-whistleblower-protection-violations-c12979b1
Persons: Dow Jones, shaw
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sec-fines-deutsche-bank-fund-unit-for-money-laundering-and-esg-misstatements-18f5c865
Persons: Dow Jones
Top New York State Crypto Regulator to Depart
  + stars: | 2023-09-22 | by ( Mengqi Sun | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/top-new-york-state-crypto-regulator-to-depart-89252916
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sec-fines-real-estate-firm-cbre-over-violations-of-whistleblower-protections-eb5cb7a
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/new-york-regulator-to-require-higher-standards-for-coin-listings-and-delistings-6229ab4e
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/cftc-cracks-down-on-defi-firms-over-crypto-derivatives-trading-4a4ebfaf
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/q-a-with-silicon-valley-prosecutor-taking-aim-at-crypto-pig-butchering-scams-9f84098c
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/goldman-sachs-to-pay-5-5-million-over-audio-recording-failures-during-pandemic-d7fcaca
Persons: Dow Jones, sachs Organizations: goldman
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/morgan-stanley-fined-by-u-k-energy-market-regulator-over-whatsapp-uses-99436fe
Persons: Dow Jones, morgan, stanley
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-charges-two-alleged-founders-of-crypto-platform-tornado-cash-with-money-laundering-714c3bd7
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-charges-two-alleged-founders-of-crypto-platform-tornado-cash-with-money-laundering-714c3bd7
Persons: Dow Jones
Judge Backs U.S. Sanctions on Crypto Platform Tornado Cash
  + stars: | 2023-08-22 | by ( Mengqi Sun | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/judge-backs-u-s-sanctions-on-crypto-platform-tornado-cash-fd3a85af
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/secs-whistleblower-chief-manages-growing-pains-as-program-gains-popularity-4d4730ec
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/wells-fargo-bnp-paribas-others-to-pay-555-million-in-fines-for-use-of-messaging-apps-e91c8a15
Persons: Dow Jones Organizations: bnp Locations: fargo
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