Banks
Canada proposes new capital rules for crypto holdings
Published
12 months agoon
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Canada’s financial watchdog is proposing changes to its capital and liquidity approach to crypto assets, according to an announcement on July 26. According to the Office of the Superintendent of Financial Institutions (OSFI), the proposed rules will simplify institutions’ approach to perceived crypto risks, defining four categories of crypto assets and their capital treatment.
OSFI is opening public consultations on two draft guidelines until Sept. 20. One of the guidelines affects federally regulated deposit-taking institutions, such as banks and credit unions, while another addresses the regulatory capital treatment of crypto-asset exposure for insurers.
“Deposit-taking institutions and insurers need clarity on how to treat crypto-asset exposures when it comes to capital and liquidity. We look forward to giving them this clarity through these new guidelines that reflect industry input and international standards,” said OSFI Superintendent Peter Routledge.
In line with @BIS_org’s new banking standards for #crypto-asset exposures, we’ve drafted guidance tailored for Canada.
Share your feedback on proposed changes to our capital and liquidity approach to #cryptoassets. https://t.co/M45FFFbUtZ pic.twitter.com/xbrgsk0XKO
— Superintendent of Financial Institutions (@OSFICanada) July 26, 2023
The new rules seek to reflect an “evolving risk environment,” notes the regulator. The rules also address changes introduced by the Basel Committee in December 2022 outlining new banking standards for crypto-asset exposure, with implementation set for Jan. 1, 2025. The Basel Committee’s new standards include rules related to tokenized traditional assets, stablecoins and unbacked crypto assets.
The OSFI says its drafts incorporate the new international banking standards, while the insurance guidelines are adjusted to meet the specific needs of the local insurance industry.
The new guidelines will also replace an existing advisory published in August 2022 that defined and categorized crypto-asset exposure and its potential risks for financial institutions.
Canada’s evolving regulatory landscape comes amid growing concerns about the ramifications of digital assets on banking systems worldwide. In the United States, crypto-friendly banks such as Silvergate and Signature Bank shut down operations amid liquidity issues stemming from crypto-related events in 2022.
Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips
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Bank Executive Steals $250,000 From Customers, Directly Accessing Bank Accounts To Fund His Lifestyle: US Department of Justice
Published
24 hours agoon
July 7, 2024By
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The U.S. Department of Justice says a former bank manager has admitted to stealing over a quarter million dollars from customers to fund his own spending habits.
The DOJ says 53-year-old Eric Jason Schouest of Plaquemine, Louisiana, has pleaded guilty to embezzlement and bank fraud.
Prosecutors say Schouest admitted to using his power as a manager at a Regions Bank Plank Road branch to illegally access customer accounts, open and close accounts and transfer funds in and out of customer accounts in order to steal the money.
Once in possession of the bank’s customers’ money, Schouest made loan payments on his own house and car to the tune of $250,000.
Says the DOJ,
“Beginning in or about 2020, and continuing through in or about April 2021, Schouest exploited his position of trust at Regions Bank to embezzle funds from customer accounts and deposit the money into his personal bank accounts.
He also sent false and fraudulent emails and forged documents to other Regions Bank employees to conceal his scheme. Some of the traceable fraudulent funds were used to make loan payments on personal items such as a house and a car. Through his scheme, Schouest misappropriated more than $250,000 from Regions customer bank accounts.”
On top of a $1 million fine, the DOJ says that each of Schouest’s embezzlement and bank fraud convictions carry punishments of up to 30 years in prison and a period of supervised release.
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US Government Seizes $5,254,133 in JPMorgan Chase Bank Accounts, Alleges Funds Stolen in Sophisticated Scheme
Published
3 weeks agoon
June 15, 2024By
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The US Government has seized $5.25 million in six bank accounts at JPMorgan Chase, alleging the funds are the proceeds of a sophisticated fraud scheme.
A complaint filed by the US Justice Department says the funds were stolen from a workers union in Massachusetts that was tricked into wiring millions of dollars directly to scammers.
According to the DOJ, the unnamed union received an email in January of last year that appeared to be from the union’s investment manager. The email address appeared to be a match, with the correspondence requesting the union transfer $6.4 million to a different bank account.
After the union complied with the fraudulent request, prosecutors say some of the money was rerouted to crypto exchanges, $5.25 million was wired to JPMorgan Chase accounts, and $61,612 was sent to a Texas Bank and Trust account that has also been seized.
The DOJ says the scammers recruited individuals known as money mules who rapidly moved the funds between various accounts to conceal their origin.
Prosecutors are now seeking a permanent forfeiture of all funds seized in the US bank accounts.
“BEC fraud schemes present a serious threat to businesses and individuals nationwide, causing significant financial and emotional harm to victims by exploiting trusted communication channels they rely upon every day.
Today’s civil forfeiture action demonstrates that when victims report such misconduct to the authorities there may be steps we can take to recover stolen funds. We hope today’s action helps restore some level of stability and justice for those impacted by fraud.”
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Wells Fargo Employee Sells Customers’ Personal Information, Triggering $688,000 in Fraudulent Transactions: US Banking Regulator
Published
1 month agoon
June 8, 2024By
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A US regulator is banning a former Wells Fargo employee from the banking industry after she allegedly sold private customer information and triggered more than half a million dollars in fraudulent transactions.
New filings from the U.S. Office of the Comptroller of the Currency (OCC) detail a consent order with ex-Wells Fargo employee Bathia Greene, an associate operations processor at the bank’s lockbox facility in Philadelphia, Pennsylvania.
The OCC says Greene misappropriated confidential details of Wells Fargo’s customers and sold the information, leading to a wave of fraudulent transactions.
Wells Fargo lost $688,000 as a result of Greene’s actions, according to the OCC.
Says the regulator,
“At all relevant times, Respondent was an Associate Operations Processor at the Bank’s lockbox facility in Philadelphia, Pennsylvania. During the period from approximately October 2021 to January 2022, Respondent misappropriated confidential information of Bank customers and sold the information to a third party, resulting in fraudulent transactions.
The Bank suffered a loss of approximately $688,000. By reason of the foregoing conduct, Respondent engaged in violations of law or regulation and unsafe or unsound practices.
Respondent’s misconduct resulted in financial gain to Respondent and loss or risk of loss to the Bank and demonstrated personal dishonesty and willful or continuing disregard for the safety and soundness of the Bank.”
According to the settlement, Greene does not appear to be facing criminal prosecution.
The agreement bans Greene from participating in the activities of any insured US banks, credit unions, federal banking agencies, Farm Credit institutions, Federal Home Loan Banks and the Federal Housing Finance Agency.
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