Oversight

The U.S. Justice Department will shut down its flagship anti-cartel task force as part of the most far-reaching DOJ shakeup in two decades, according to internal documents reviewed by Reuters.

Jeffrey Epstein remained embedded in Wall Street’s elite financial networks in the years before his 2019 death, maintaining accounts at more than 20 banks and executing large transactions with prominent investment firms, according to new reporting by The Wall Street Journal. 

The U.S. Treasury Department has postponed enforcement of its new residential real-estate reporting rule until March 1, 2026, issuing a temporary exemptive order to give the industry more time to prepare. 

The UK art market is coming under sharper scrutiny from HM Revenue & Customs (HMRC), which has intensified enforcement of anti–money laundering rules.

Canada’s anti–money laundering watchdog has levied a C$19.5 million penalty against crypto exchange KuCoin for violations of the country’s AML rules.

UBS Group AG will pay €835 million ($985.6 million) to resolve a yearslong case in France over allegations the Swiss bank helped wealthy clients evade taxes. 

KPMG overlooked serious risks at three regional banks that collapsed in 2023, a U.S. Senate report has found, raising questions about the quality of oversight by one of the world’s largest audit firms.

FinCEN Files investigation revealed how U.S. banks helped move illicit money worldwide, U.S. authorities are rolling back key reforms enacted in its aftermath, sparking alarm among transparency advocates.

Hong Kong has banned Richard Charles Heyes, Citigroup’s former head of pan-Asia equities, from re-entering the financial industry for five years after finding him liable for regulatory breaches.

France has warned it may challenge the right of some crypto companies licensed elsewhere in the European Union to operate domestically, stepping up pressure for stricter oversight of the industry.