SEC opens door for Wall Street banks to hold crypto
Wall Street's securities regulator has taken a significant step to facilitate banks' expansion into cryptocurrency by reversing a Biden administration rule that imposed steep costs on holding digital assets.
In a notable pro-crypto action during Donald Trump's second presidency, the Securities and Exchange Commission announced last week the repeal of guidance known as SAB 121, which required institutions to classify digital tokens held for customers as liabilities on their balance sheets.
This change signals a shift towards a more supportive stance on digital assets, contrasting sharply with the SEC's more cautious approach under Joe Biden's administration.
TD Bank Names New Head of Financial Crime Risk Management
Toronto-Dominion Bank has appointed Jackie Sanjuas as its new global head of financial crime risk management, taking over from Herb Mazariegos, who will support a seamless transition as he departs the firm.
Sanjuas's appointment aligns with the bank's efforts to implement significant reforms following a costly money-laundering scandal, which includes a new chief executive officer, reductions in executive compensation, and a complete board overhaul.
In her new role, Sanjuas will report to the group head and chief risk officer of TD Bank Group and the US chief risk officer. She will also retain her position as the US Bank Secrecy Act officer.
Having joined the bank in January, Sanjuas brings over 20 years of compliance and risk management expertise, including her tenure as chief compliance officer at Citi.
Vietnam police announce dismantling of $1.2bn money laundering ring
Vietnamese authorities have apprehended five individuals, dismantling a significant money laundering operation that funneled $1.2 billion of illicit funds into the country from overseas.
Between 2022 and 2024, this criminal ring, which included bank personnel, forged identification documents, and bank seals, established 187 businesses and opened over 600 corporate bank accounts.
According to a police statement, these accounts facilitated the transferring and legitimizing of money derived from fraud or gambling activities abroad.
The arrests included a bank employee in Da Nang, marking this as the most significant money laundering case ever uncovered in the central coastal city. Law enforcement officials also confiscated 122 counterfeit seals and original copies of 40 business registration certificates.
