US accuses Russian of using crypto group to acquire sensitive technology Financial Times https://www.ft.com/content/8c2a251b-64e8-48ba-a000-356486490ecf US prosecutors have charged a cryptocurrency entrepreneur with evading sanctions and violating export controls, claiming he laundered over $500 million and assisted Russians in acquiring sensitive US technology. Iurii Gugnin, the founder of the crypto payments platform Evita, was charged last week with wire and bank fraud, money laundering, and additional offenses, as reported in court documents recently unsealed in federal court in Brooklyn. According to the Department of Justice, he was arrested and arraigned in New York. Prosecutors allege that Gugnin used his crypto payments company to facilitate payments for foreign clients seeking sensitive US electronics, including an American-designed server that fell under export controls, while also laundering funds to procure components for Rosatom, Russia�s state-owned nuclear technology firm. Norway Wealth Fund Puts TD Under Observation After Scandal Bloomberg https://www.bloomberg.com/news/articles/2025-06-12/norway-wealth-fund-puts-td-bank-under-observation-for-four-years Norway�s $1.9 trillion sovereign wealth fund has placed the Toronto-Dominion Bank under a four-year observation period as the Canadian institution seeks to enhance its controls and corporate culture after reaching an unprecedented money laundering settlement. Last year, TD Bank admitted to its shortcomings in preventing money laundering, resulting in nearly $3.1 billion in fines and penalties. US prosecutors highlighted the bank's failure to identify suspicious activities for ten years, violating the Bank Secrecy Act. Norges Bank Investment Management (NBIM), which oversees the wealth fund, made this decision based on a March recommendation from the Council on Ethics referencing the 2024 settlement and a past fine. KPMG fined for breaching audit independence rules Financial Times https://www.ft.com/content/e86c2565-8e55-4041-84f6-0839ee1f63d4 The UK accounting regulator has imposed a �690,000 fine on KPMG for violating auditor independence rules by relying on another firm's work during its audit of Carr's, a company in the agriculture and engineering sectors. The Financial Reporting Council stated that KPMG erred in depending on the smaller firm's contributions, as this firm had previously provided additional accounting and tax services to Carr's and failed to replace its lead auditor at the mandated five-year interval. Such time limits and service restrictions are implemented to maintain auditor independence from the companies whose financial statements they review. Issues surrounding audit independence at London-listed Carr's came to light in 2023 when KPMG was supplanted by new auditors from Grant Thornton. This led to delays in releasing the group's 2022 results and a suspension of its shares for nearly three months.