Compliance Financial News

Kraken will provide user data to the IRS after a legal battle over crypto tax reporting. Image by Michael O’Keene, Adobe Stock.Major U.S. cryptocurrency exchange Kraken will provide limited user information to the Internal Revenue Service (IRS) next month following a court order received in June. The data concerns specific Kraken users who conducted transactions over $20,000 between 2016 and 2020.

– By Piyush Peshwani

Digital Personal Data Protection Act. In a letter addressed to Union and state electronics and information technology minister Ashwini Vaishnaw and Rajeev Chandrasekhar, the industry association has said that implementation of the provisions of the DPDP Act would require structural changes in organisations and businesses and they are likely to face a significant amount of challenges during the course of such transitions.

Cyprus is set to introduce stringent penalties for unregulated cryptocurrency service providers (CSPs), according to the Cyprus Mail . The government has submitted a legislative amendment to the «Prevention and Suppression of Money Laundering Law,» aiming to align the country with international anti-money laundering (AML) and combating the financing of terrorism (CFT) standards. The amendment was presented to the Parliamentary Committee on Legal Affairs on October 10, 2023.

On Oct. 8, the United Kingdom’s Financial Conduct Authority (FCA) imposed new marketing rules compelling cryptocurrency firms to promote their products and services clearly, fairly and transparently.

Marinade Finance, the largest decentralized finance (DeFi) protocol on the Solana blockchain, is blocking users in the United Kingdom from accessing its platform over "compliance concerns."

In the application, the SEC outlines its ongoing investigation into Elon Musk's 2022 acquisition of Twitter shares, as well as his subsequent statements and filings with the Commission. The SEC initially served Musk with a subpoena in May 2023, requiring him to appear for investigative testimony at the SEC's San Francisco Regional Office on September 15, 2023. While Musk initially agreed to comply, he later reversed his decision and refused, citing various objections.

After failing to respond to a prior order, embattled crypto lender Genesis has been subpoenaed by a New York court to produce documents related to the collapse of the algorithmic stablecoin TerraUSD (UST) last year.

Tokenization protocol BarnBridge’s BOND token surged in price over the weekend after the project announced its intention to comply with unspecified demands from the U.S. Securities and Exchange Commission (SEC).

Delta Corp gets another GST shortfall notice of ₹6,384 crore With these changes, the government expects to collect around ₹2,000 crore in the current financial year (FY2023-24), a significant rise from the approximately ₹700 crore collected in the previous financial year (FY2022-23) from foreign firms providing various digital services in India, a government official told the paper. Previously, only business-to-business services were subject to IGST, and there was no tax obligation for individuals and government entities acquiring non-business services from overseas Online Information Database Access and Retrieval (OIDAR) service providers outside of Indian jurisdiction. The official further said that they are keeping a close eye on companies that have been evading GST.

As artificial intelligence makes advances in all industries, one company has announced a flagship AI-driven product that will help financial firms with compliance protocols.

The cryptocurrency industry has been grappling with major challenges, including the collapse of FTX, fraud allegations, and the fall of some other high-profile companies.  

The 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. Given the reputational and financial hits to the industry in the past year, attracting legal and compliance workers to work for crypto firms is challenging, say those hiring for positions in the industry.

Union Rural Development Ministry on Thursday said there was no constraint of funds for the rural job scheme MGNREGA and reiterated that funds for West Bengal were not released due to non-compliance of central directives. In a statement, the ministry said, «Funds of State of West Bengal have been stopped from March 9, 2022 as per provision of Section 27 of Mahatma Gandhi National Rural Employment Guarantee Act, 2005 due to non-compliance of directives of Central Government.» The statement came on a day West Bengal's ruling Trinamool Congress conducted a march to the Raj Bhavan in Kolkata to protest against the Centre over MGNREGA dues.

ZURICH (Reuters) — UBS on Saturday said it is «not aware» of a probe by the U.S. Department of Justice into alleged sanctions-related compliance failures, following a media report earlier this week.

The historic Merge upgrade from Sept. 2022 — which marked Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) — resulted in the overall decline in compliance with standards laid down by the Office of Foreign Assets Control (OFAC). 

India's compliance rating with international leasing laws and kept the country on a watchlist with a negative outlook amid a dispute between local airline Go First and its aircraft lessors. The move by the Aviation Working Group (AWG), a UK-based entity that monitors leasing and financing laws, comes as bankrupt budget carrier Go First is locked in a legal tussle with aircraft lessors seeking to repossess jets. The courtroom battle started after Go First was granted bankruptcy protection in May. Under Indian law, that prevented lessors from recovering 50-plus grounded Airbus planes.

real estate sector is no exception. It is no longer about constructing buildings or making profits, it is about creating a legacy of ethical practices, community engagement, and transparent governance. While the real estate sector has made commendable strides, especially in environmental sustainability, there's more to ESG (Environment, Social, Governance) than just green buildings.

The Financial Conduct Authority (FCA), the United Kingdom’s financial markets regulator, has again expressed its concern over the lack of engagement on the part of crypto firms that will soon be subject to new marketing rules. The consequences of noncompliance could be severe, it warned.