Compliance Financial News

The cryptocurrency industry is on the brink of a transformative shift in Anti-Money Laundering (AML) compliance, a change propelled by the recent landmark fine imposed on Binance and its CEO, Changpeng Zhao.

BBC News deputy chief executive Jonathan Munro is likely to make an announcement on the purported change in ownership structure soon, said people in the know. He is scheduled to address a townhall of BBC India staff on Tuesday.

MUMBAI : The conflict between Bharat Forge Ltd’s promoter Baba N. Kalyani and sister Sugandha Hiremath has escalated with a Kalyani group company requesting the market regulator to order the removal of the compliance officer of Hikal Ltd, a speciality chemicals company jointly owned by the Kalyanis and the Hiremaths. It has also called for action against Hikal’s audit committee.

New details have emerged surrounding Binance’s compliance requirements in the wake of the crypto exchange’s plea deal with the U.S. government, according to recently unsealed court documents.

Binance has officially withdrawn its application for a financial license in Abu Dhabi, according to Reuters. This move is indicative of the exchange’s ongoing reassessment of its global operations and licensing requirements.

Richard Teng, the newly appointed CEO of Binance, has faced a challenging debut during his first public interview. 

Metrology Act and The Explosives Act for decriminalising and compounding minor offences with an aim to further reduce compliance burden and improve the business environment of the country, an official said. This exercise is part of an effort of the commerce and industry ministry to bring the second edition of the Jan Viswas law, under which over 180 provisions were decriminalised in 42 Central Acts administered by 19 ministries and departments. The ministry is also requesting states to do the similar exercise to promote ease of doing business and living both. «We are working on the Jan Viswas Bill 2.0. A working group of different ministries has been set up.

On Tuesday, new Binance CEO Richard Teng stated in an interview with Cointelegraph that Binance is now “totally different” from its early days.

Crypto exchange Zipmex Thailand has announced the immediate suspension of digital asset trading until early next year. 

The JPEX incident has prompted the Hong Kong government to expedite the approval process for cryptocurrency products to promote compliance in the industry.

₹10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of norms. The apex bank regulatory body made it clear that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Byju’s founder and chief executive Byju Raveendran has written a note to his shareholders informing them the firm is fully compliant with Foreign Exchange Management Act (FEMA) regulations. Raveendran in a note to shareholders said a top law firm in the country had conducted a due diligence on its FEMA compliance. “..which ( an email) highlights the results of a comprehensive due diligence conducted on Byju’s. The email confirms that the due diligence found no FEMA violations at Byju’s,” Raveendran’s note to shareholders said.

Bank of India (RBI) imposed a penalty of ₹25,000 on Pudukkottai Co-operative Town Bank Ltd for non-compliance of the directions issued on ‘Board of Directors - UCBs’. “The Reserve Bank of India (RBI) has, by an order dated October 12, 2023, imposed a monetary penalty of ₹25,000 on The Pudukkottai Co-operative Town Bank Ltd., Pudukkottai, Tamil Nadu (the bank).

Reserve Bank has imposed monetary penalties on Manappuram Finance and Anand Rathi Global Finance for deficiencies in regulatory compliance. The banking regulator in a release on Thursday said it has imposed a monetary penalty of ₹42.78 lakh on Manappuram Finance Limited, Thrissur for non-compliance with certain provisions of the “Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016".

The Financial Conduct Authority (FCA) has unveiled a «finalised non-handbook guidance» document on Cryptoasset Financial Promotions. This release followed observed lapses in adherence to the new laws governing crypto asset promotions, which took effect on October 8, 2023.

OneCoin’s legal chief pleaded guilty to money laundering and wire fraud charges, according to a statement released today from the U.S. Attorney’s Office for the Southern District of New York.

Goods and Service Tax (GST) network portal. Both intra and inter-state bill generation recorded growth during the month. «One of the reasons for the increase in e-way bill generation is the festive season purchases made by the public at large and replenishment of stocks by the brands in the supply chain to meet the anticipated demand for the upcoming Diwali season,» said Gunjan Prabhakaran, partner and leader, indirect tax, BDO India. Sequentially, e-way bills rose 9% in October, with inter-state trade growing at a faster clip of 10% compared with intra-state transport's 8.5% increase. «Increased scrutiny by revenue authorities and better compliance at the assesses end are some of the reasons for the increase in e-way bill generation,» Prabhakaran said. On an annualised basis, e-way bill generation in October was 19.4% more than September.

70-hour work week could raise compliance issues as it violates labour laws, a senior official of staffing company TeamLease said on Friday. «If somebody is spending 70 hours (in office), they are going beyond 9 hours. There is a fundamental disconnect, when you are an employee labour law allows you to work 9 hours,» Vice President and Business Head for TeamLease Degree Apprenticeship Dhriti Prasanna Mahanta said. Former Infosys CEO N R Narayana Murthy had recently advocated for a 70-hour work week, drawing reactions from across the spectrum.

The Canada Energy Regulator (CER) on Thursday ordered the Trans Mountain oil pipeline expansion project to stop work in a wetland area near Abbotsford, British Columbia, after inspectors found several environmental and safety-related non-compliances.The order is the latest hold-up for the Canadian government-owned project, which has been plagued by years of regulatory delay, environmental opposition and massive cost overruns.Some of the non-compliances include insufficient fencing to protect amphibians and unapproved vegetation clearing, the regulator said in a notice on its website.The CER issued an Inspection Officer Order to Trans Mountain ordering it to stop work in the wetland until the non-compliances are corrected, investigate their root cause and conduct a safety inspection to confirm the site is safe for work.Trans Mountain Corp, the Canadian government-owned corporation building the expansion project, said the order applies to a specific work area of about 800 meters.“Trans Mountain is working hard to correct all non-compliances and to prevent reoccurrence,” the company said in a statement, adding it “will seek to have the restrictions under the order lifted as soon as appropriate and according to the law.”Work on the oil pipeline expansion project is more than 95 per cent complete, Trans Mountain said.The 590,000 barrel-per-day expansion will nearly triple capacity on the existing pipeline running from Alberta to Canada’s Pacific Coast. It is due to start operating early next year and will open up markets in Asia and on the U.S.

By Nia Williams and Ismail Shakil

Rules for crypto asset promotion that came into force in the United Kingdom on Oct. 8 have led to some confusion, judging from the low level of compliance. The Financial Conduct Authority (FCA) responded with additional guidance for crypto firms to help them fall into line.