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☆ Oracle Hires Chief Legal Officer From Facebook’s Blockchain Project
▼ + stars: | 2022-11-10 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Oracle Corp. said it has hired the former chief executive officer of Meta Platforms Inc.’s now-closed cryptocurrency project as its new legal chief, the company said Thursday. Stuart Levey until June served as the CEO of the Diem Association, Meta Platform’s cryptocurrency project, also formerly known as Libra. Mr. Levey joined the Diem Association in August 2020 after working at HSBC Holdings PLC for more than eight years, including serving as the bank’s chief legal officer and managing more than 900 lawyers. Between 2004 and 2011, Mr. Levey served as the U.S. Treasury Department’s undersecretary for terrorism and financial intelligence, one of the agency’s top officials in charge of imposing sanctions and combating illicit finance. Representatives for Oracle declined to make Mr. Levey available for an interview.

☆ Yoga-Streaming Company Gaia to Settle SEC Probe
▼ + stars: | 2022-11-10 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Gaia, a member-supported media network with videos on yoga and alternative healing, among other topics, disclosed the settlement with the securities regulator in its latest SEC quarterly report filed this week. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. Gaia said it first received a request to voluntarily produce documents in relation to an SEC investigation in June 2020. The company said it was later subpoenaed by the SEC and it has responded to the agency’s requests. Gaia said there is no guarantee that the settlement, which was reached in principle in September, will be finalized and approved by both sides.

☆ SEC Charges Trade Coin Club Founder, Promoters in $295 Million Bitcoin Fraud
▼ + stars: | 2022-11-04 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

The Securities and Exchange Commission filed charges against the founder and three U.S. promoters of Trade Coin Club, alleging the crypto-trading membership club operated as a Ponzi scheme that raised 82,000 bitcoins, valued at $295 million in 2018, from investors around the world. PREVIEWThe Trade Coin Club paid withdrawals from the club with investor deposits, the SEC said. The SEC said the individuals violated federal securities laws and face charges including violations of antifraud, securities registration and broker-dealer registration provisions. The website for Trade Coin Club, which marketed itself as a membership group for trading bitcoin, is no longer accessible. The charges come after SEC Chairman Gary Gensler highlighted the agency’s regulatory initiatives in the crypto sector in a speech this week.

☆ Société Générale Names New Chief Risk Officer
▼ + stars: | 2022-11-03 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Société Générale SA promoted a veteran banker to be its new group chief risk officer, as the French bank continues to navigate geopolitical uncertainties in Europe and a possible economic slowdown. Stéphane Landon, who has been Société Générale’s deputy chief risk officer since October 2020, will become the chief risk officer on Dec. 1, the bank said Thursday. He will succeed Sadia Ricke, who is leaving the bank at the end of this month to become the chief risk officer at Standard Chartered PLC in London. He served as Société Générale Americas’ chief financial officer in New York between 2018 and 2020, before taking the risk-officer position. He previously led the bank’s Americas business and worked on key market functions for Société Générale, including securitization and leveraged finance.

☆ Credit Suisse Names New Compliance Chief Amid Strategic Overhaul
▼ + stars: | 2022-10-27 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Credit Suisse Group AG appointed a former Goldman Sachs Group Inc. compliance executive as its new chief compliance officer, as the Swiss lender looks to move on from a period of scandals, hefty losses and executive turnover. Nita Patel, who is currently the chief compliance officer for Credit Suisse’s asset-management division and its U.K. investment bank, will become the lender’s new compliance chief and join the executive board on Nov. 1, the bank said Thursday. Ms. Patel joined Credit Suisse in May 2021 as a chief compliance officer for its international division. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. He will be appointed as a nonexecutive member of its board in Spain, Credit Suisse said.

☆ Removing Sanctions on Crypto Mixer Tornado Cash Won’t Be Easy
▼ + stars: | 2022-10-27 | by ( Mengqi Sun | ) www.wsj.com time to read: +5 min

While crypto advocates and companies contend that Tornado Cash’s sanctions infringe on personal rights to privacy—an important issue for the nascent industry—crypto experts said Tornado Cash might not be the best test case for that argument. Tornado Cash, a currency mixer that lets users commingle their funds to obfuscate ownership, was sanctioned in August by the Treasury’s Office of Foreign Assets Control, which enforces U.S. sanctions. OFAC accused Tornado Cash of allowing users to launder billions of dollars in virtual currency, including $455 million allegedly stolen by North Korean hackers. The sanctions froze U.S. assets held by Tornado Cash and barred U.S. companies and individuals from doing business with it. Other participants in the decentralized-finance industry have expressed similar concerns about OFAC’s power to sanction Tornado Cash.

☆ JPMorgan Hires Crypto Policy Head From Celsius Network
▼ + stars: | 2022-10-19 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

JPMorgan Chase & Co., whose chief executive recently expressed skepticism of cryptocurrency, has hired a crypto policy head from bankrupt cryptocurrency lender Celsius Network LLC. Aaron Iovine has joined the bank as executive director of digital assets regulatory policy, a spokeswoman for JPMorgan said on Wednesday. Mr. Iovine served as head of policy and regulatory affairs at Celsius between February and September of this year. Mr. Iovine was its head of policy and regulatory affairs when he left the bank. Bloomberg Law first reported the hire Wednesday, saying Mr. Iovine joined JPMorgan this week.

☆ U.K. Regulator’s Enforcement Director to Step Down Next Year
▼ + stars: | 2022-10-18 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

The executive director for enforcement and market oversight at the U.K.’s Financial Conduct Authority, which also supervises compliance by U.K. cryptocurrency firms with anti-money-laundering laws, said he would step down next spring, the agency said Tuesday. Steward served as the executive director of enforcement at the Securities & Futures Commission of Hong Kong. He previously served as deputy executive director of enforcement for the Australian Securities and Investments Commission. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW Since January 2021, the FCA has served as the anti-money-laundering (AML) compliance supervisor for cryptocurrency firms in the U.K.

☆ New York Financial Regulator Wants to Lead on Crypto, Climate Change
▼ + stars: | 2022-10-14 | by ( Mengqi Sun | ) www.wsj.com time to read: +7 min

New York’s financial regulator, which oversees insurance companies and state-chartered banks, already plays an outsize role in financial services, with many other states following its lead on regulation and enforcement. Ms. Harris seeks to bring that leadership role to other areas, including crypto and climate change. She served as a senior adviser at the Treasury Department and as head of an Obama administration financial task force. One of the benefits of being a state regulator is that you can move fast and be nimble; you can respond to changes in the marketplace. The other thing that we’ve done is really calling out the tension between climate goals and fair-lending and equity goals.

☆ Crypto Advocacy Group Sues U.S. Treasury Over Tornado Cash Sanctions
▼ + stars: | 2022-10-12 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

A cryptocurrency research and advocacy group has filed a lawsuit challenging the U.S. Treasury Department’s sanctions against cryptocurrency mixer Tornado Cash. In August, OFAC imposed sanctions on Tornado Cash, a currency mixer that enables users to co-mingle their funds in order to obfuscate ownership. OFAC accused Tornado Cash of laundering billions of dollars in virtual currency, including $455 million allegedly stolen by North Korean hackers. In September, however, OFAC clarified that the sanctions placed on Tornado Cash don’t prohibit U.S. individuals or businesses from interacting with open-source code itself, as long as it doesn’t involve a prohibited transaction with the Tornado Cash platform. The Coinbase suit also argues that these sanctions exceed Treasury’s statutory authority and infringe on the plaintiffs’ constitutional right to privacy.

☆ Treasury Fines Crypto Exchange Bittrex $53 Million
▼ + stars: | 2022-10-11 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

The U.S. Treasury Department imposed two enforcement actions with fines totaling $53 million against cryptocurrency exchange Bittrex Inc. for alleged violations of sanctions and anti-money-laundering laws, the agency said Tuesday. The Treasury said Tuesday’s actions highlight the importance of crypto firms maintaining risk-based sanctions and anti-money-laundering compliance programs, and that noncompliance with these requirements can result in enforcement actions and exposure to potential abuse by illicit actors. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW OFAC alleged that Bittrex failed to prevent people located in jurisdictions facing U.S. sanctions, including Ukraine’s Crimea region, Cuba and Iran, from using its platform to conduct crypto transactions between 2014 and 2017. FinCEN said Bittrex also failed to file required suspicious activity reports between 2014 and 2017.

☆ Crypto Exchange Bittrex to Pay $29 Million Over Violating Sanctions
▼ + stars: | 2022-10-11 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

Cryptocurrency exchange Bittrex Inc. will pay $29 million to the U.S. Treasury Department to settle allegations that it violated sanctions and anti-money-laundering laws. The Treasury said Tuesday that fined Seattle-based Bittrex a total of $53 million: a $24 million penalty from the Office of Foreign Assets Control, the Treasury unit that enforces sanctions, and $29 million fine from the Financial Crimes Enforcement Network, which combats illicit finance. As a result, Bittrex will pay about $29 million out of pocket. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. Bittrex collected customers’ internet protocol address and physical address information when they joined the platform, OFAC said, but the exchange failed to screen this information for potential sanctions violations.

☆ State Street Hires New Compliance Chief From Google
▼ + stars: | 2022-10-10 | by ( Mengqi Sun | ) www.wsj.com time to read: +1 min

State Street Corp. said it appointed Yvette Hollingsworth Clark as its new global chief compliance officer. At State Street, Ms. Hollingsworth Clark will report to Brad Hu, global head of risk, and will be accountable to the board’s examining and audit committee. She will oversee compliance activities globally, State Street said Monday in a statement. Jacqueline Angell, Ms. Hollingsworth Clark’s predecessor, left her position in June after about 10 years at State Street, according to her LinkedIn profile. State Street said Ms. Hollingsworth Clark’s background in risk compliance management and in setting up effective anti-money-laundering and compliance frameworks at global financial institutions will help it further strengthen its compliance functions.

☆ U.S. Sanctions Shipping Firm, Individuals for Alleged Oil Exports to North Korea
▼ + stars: | 2022-10-07 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

The U.S. imposed sanctions against a shipping company and two individuals for allegedly exporting oil to North Korea, which the U.S. said supports Pyongyang’s nuclear and military programs. The U.S. said the Courageous, also known as the Sea Prima, has participated in several deliveries of refined petroleum to North Korea, including ship-to-ship transfers to North Korean vessels that violated United Nations sanctions. North Korea faces sanctions from the U.S. and the U.N., including restrictions on its import of petroleum products. Ship-to-ship transfers have been identified as one way North Korea circumvents these sanctions. PREVIEWFriday’s sanctions come after the U.S. Justice Department filed a criminal complaint against Mr. Kwek in April 2021 for allegedly conspiring to evade economic sanctions on North Korea and for conspiracy to money launder.

☆ Oracle to Settle SEC Foreign Bribery Charges For the Second Time
▼ + stars: | 2022-09-27 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Oracle Corp. agreed to pay more than $23 million to settle allegations it violated antibribery laws for the second time, following a 2012 settlement, the Securities and Exchange Commission said Tuesday. The U.S. Foreign Corrupt Practices Act prohibits U.S. persons and entities from giving or offering anything of value to foreign public officials to win or keep business. units also used the funds to pay for foreign government officials to attend technology conferences that violated the company’s policies and procedures. As part of the SEC settlement, Oracle didn’t admit or deny the allegations. Austin, Texas-based Oracle in 2012 agreed to pay about $2 million to the SEC to settle a previous set of FCPA charges.

☆ Crédit Agricole Subsidiaries to Settle Alleged Violations of U.S. Sanctions
▼ + stars: | 2022-09-26 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Two subsidiaries of French bank Crédit Agricole Group’s corporate and investment banking arm have agreed to pay more than $1.12 million in civil penalties to settle alleged violations of U.S. sanctions, the Treasury Department said on Monday. Separately, CFM Indosuez Wealth, a Monaco-based indirect subsidiary also of Crédit Agricole Corporate and Investment Bank, has agreed to pay $401,039 for allegedly violating sanctions against Cuba, Iran and Syria, OFAC said. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW Representatives of Crédit Agricole Corporate and Investment Bank didn’t immediately respond to a request for comment. The two subsidiaries were responsible for implementing the compliance policies of their two parents, Crédit Agricole SA and its investment banking arm, but failed to do so from as early as 2011 until 2016, according to OFAC.

☆ Binance Hires Compliance Chief From Crypto Rival Kraken
▼ + stars: | 2022-09-23 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Binance, the world’s largest cryptocurrency exchange by spot-trading volume, has snatched up the former chief compliance officer from rival Kraken, as the industry continues to ramp up its compliance efforts. Steven Christie, who oversaw global compliance at Kraken for more than four years, joined Binance as its senior vice president of compliance in May, a Binance spokeswoman said Thursday. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. San Francisco-based Kraken said Wednesday that it expects to hire a new chief compliance officer in the next few weeks. The demand for compliance and legal talent in the crypto industry has continued in recent months, despite tumbling crypto prices and layoffs, as the industry faces increased regulatory pressure.

☆ Snap Hires New Compliance Chief From Peloton
▼ + stars: | 2022-09-22 | by ( Mengqi Sun | ) www.wsj.com time to read: +1 min

The head of compliance and risk at Peloton Interactive Inc. has left the company and joined Snapchat parent Snap Inc.Bertrand Lanciault III, who goes by Lance Lanciault, joined Snap in August as the new chief compliance officer, overseeing its compliance and integrity efforts, according to a spokesman for the technology company. He joined Peloton in February 2021 after spending more than six years at Walmart Inc.’s e-commerce team, serving as the chief ethics and compliance officer there, according to his LinkedIn profile. Michael Del Negro, who joined Peloton in January as its vice president of product safety compliance, has been named the company’s acting head of compliance, risk and ethics and has served in this role since August, a Peloton spokeswoman said Thursday. Peloton said earlier this month that its co-founder John Foley, its chief legal officer Hisao Kushi, and Chief Commercial Officer Kevin Cornils, were leaving. Tammy Albarrán, who most recently was Uber Technologies Inc.’s chief deputy general counsel, will become Peloton’s new chief legal officer and corporate secretary, Peloton said in a statement earlier this month.

SEC Climate Rule Won’t Demand Extensive Reporting From Small Businesses, Gensler Says Public companies wouldn’t be required to ask small private suppliers to report on their carbon footprints, the SEC chairman said, responding to concerns about compliance costs. The Morning Risk Report The Justice Department targets executive pay, probationary deals to curb corporate crime, and Biden orders deeper scrutiny of foreign investment in tech and supply chains. Also, SEC climate rule won’t demand extensive reporting from small businesses, Gensler says. Cryptocurrency Exchange Gemini Names Insider as Compliance Chief Christopher Mariadason’s promotion is the latest change in the company’s risk and compliance team in recent months. U.S. Banking Regulator Appoints New Climate Risk Chief Nina Chen, trained as a chemical engineer, joins the Office of the Comptroller of the Currency after leading the newly-created climate division at New York’s financial regulator.

☆ U.S. Treasury Seeks Comment on Crypto’s Illicit Finance Risks
▼ + stars: | 2022-09-19 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

The U.S. Treasury Department is seeking public comment on the possible illicit finance and national security risks posed by the use of digital assets, as part of the agency’s mandate under President Biden’s March executive order to study the development of cryptocurrency. The request for comment, issued Monday, also asks the public for suggestions to mitigate these risks by the deadline of Nov. 3. The Treasury, in a version of the request-for-comment document on the Federal Register website, said crypto has been used in sophisticated cybercrime-related financial networks and activity, including through ransomware. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The request for comment comes as the crypto market sees another wave of volatility, adding to calls for greater regulatory oversight.

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