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BCSC Panel Finds Breach of Cease Trade Order

The BC Securities Commission (BCSC) panel found that Green Hygienics Holdings Inc. and its former CEO, Ronald Wayne Loudoun, breached a cease trade order by distributing millions of dollars worth of shares and promissory notes. Submissions on sanctions are now required.

Director Fined $1 Million for Crypto Trading Platform Fraud

The BC Securities Commission (BCSC) announced that Michael Ongun Gokturk, director of three defunct crypto companies, has agreed to pay $1 million for fraud related to their trading platform. Gokturk is also permanently banned from participating in B.C.'s investment market.

FINMA Contacts Bank After US Names it Money Laundering Concern

FINMA is in contact with MBaer Merchant Bank AG and FinCEN after the US designated the bank as a primary money laundering concern. FinCEN is proposing measures under the USA PATRIOT Act, which are currently undergoing public consultation. FINMA has appointed an audit agent at the bank.

FINMA Orders MBaer Merchant Bank AG Liquidation Due to Money Laundering Controls

Switzerland's FINMA has ordered the liquidation of MBaer Merchant Bank AG due to serious, systematic shortcomings in anti-money laundering controls and enabling clients to circumvent asset freezes. This follows FINMA's withdrawal of the bank's license, which is now effective after the bank withdrew its appeal.

Capital Asia Investments Investigated for Money Laundering and Compliance Failures

The Monetary Authority of Singapore (MAS) and the Police are investigating Capital Asia Investments Pte Ltd and its directors for suspected money laundering and compliance failures. Over S$160 million in assets were seized, and two directors were arrested as part of the ongoing investigation.

PSR Fines Bank of Ireland UK £3.7m for Confirmation of Payee Failure

The Payment Systems Regulator (PSR) has fined Bank of Ireland UK £3.7m for failing to implement the Confirmation of Payee system by the required deadline. This failure left over 1.14 million new payees and approximately £6.9 billion in payments unprotected against fraud.

Federal Reserve Consent Order with Jamal Hillman

The Federal Reserve Board has issued a consent prohibition order against Jamal Hillman, a former employee of First Financial Bank, for misappropriation of customer funds. This enforcement action prohibits Mr. Hillman from participating in the banking industry.

Federal Reserve Issues Consent Order Against Former Regions Bank Employee

The Federal Reserve Board has issued a consent prohibition order against Nicole M. Ramsey, a former employee of Regions Bank. The action stems from the misappropriation of customer funds. This enforcement action signifies the Federal Reserve's commitment to upholding standards of conduct within the banking sector.

Federal Reserve Enforcement Actions for Embezzlement

The Federal Reserve Board announced enforcement actions against two former bank employees for embezzlement and misappropriation of funds. Jacob Hilton, formerly of United Bank, and Klaus Koberstein, formerly of East Cambridge Savings Bank, have each received consent prohibition orders.

Jericho Share Ceases NY Operations for Selling Unlicensed Health Insurance

The New York State Department of Financial Services announced that Jericho Share has agreed to cease all operations in New York for selling unlicensed health insurance plans. This action follows an investigation into the company's activities.