European regulators are pushing for new laws that would give them the power to revoke licences for firms in serious breaches of anti-money laundering rules.

The Office of the Comptroller of the Currency (OCC) has issued a consent order against digital asset custody services provider Anchorage Digital Bank over Bank Secrecy Act anti-money laundering failures.

The International Monetary Fund says fast-growing finechs pose challenges for both regulators and less technologically advanced banks, whose long-term viability may be under threat.

International securities regulator Iosco is setting up a task force to examine the risks and opportunities arising from decentralised finance (DeFI), which it says is quickly evolving to mirror conventional financial markets.

The European Securities and Markets Authority (Esma) has fined trade repository Regis-TR €186,000 for eight breaches of the European Market Infrastructure Regulation.

Source: Kroll

Kroll, the leading provider of data, technology and insights related to risk, governance and growth, has found that whilst anti-money laundering (AML) continues to dominate global financial crime regulation, enforcement activity is slowing as attention turns from banks to other financial institutions.

US authorities have arrested two people and seized $3.6 billion wort of bitcoin in relation to the 2016 hack of cryptocurrency exchange Bitfinex.