NEWS: $2.5BN wiped off value of India's Paytm Bank which did no CDD on 100000s of customers; probe underway – AML Intelligence

AML, Banking, CFT, Compliance, Financial Crime, MEA, Regulatory
Hundreds of thousands of accounts at Paytm Payments Bank, one of India’s most popular digital payment apps, that were created without proper identification. The Reserve Bank of India is concerned that some of the accounts could have been used for money laundering. Now shares of Indian digital payments have slumped their daily limit for a…
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US Department of the Treasury
LONDON – The ninth official meeting of the U.S.-UK Financial Regulatory Working Group took place in London on January 31, 2024. Officials and senior staff from HM Treasury and the U.S. Department of the Treasury were joined by representatives from independent regulatory agencies, including the Bank of England, Financial Conduct Authority, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities and Exchange Commission.  Agency participation varied across themes with participants expressing views on issues in their respective areas of responsibility.
Securities and Futures Commission
The Securities and Futures Commission (SFC) wishes to remind investors to trade virtual assets only on SFC-licensed virtual asset trading platforms (VATPs). If they are not certain about the regulatory status of the VATP they are currently dealing with, they can check the SFC’s Lists of virtual asset trading platforms. In particular, investors should check whether a VATP is on the “List of licensed virtual asset trading platforms” or on the “List of virtual asset trading platform applicants”. VATPs on the “List of licensed virtual asset trading platforms” are formally licensed by the SFC.
Australia Federal Police
Two Victorian men have been arrested in Adelaide following the seizure of 139kg of cocaine hidden inside a shipment of luxury buses. The investigation, codenamed Operation Silkwood, began in January after intelligence identified an alleged importation of cocaine concealed within a consignment of 13 luxury buses on board an international cargo ship destined for Adelaide, via Perth.
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