Category: Regulation

MAS Proposes New Regulatory Framework to Open Private Market Investment Funds to Retail Investors

Regulation
Key Takeaways Wider Investment Choices: MAS is proposing a framework to allow retail investors to access private market investment funds, including private equity, private credit, and infrastructure.Two Fund Options: The proposal outlines two structures—Direct Funds for transparency into investments and Long-term Investment Fund-of-Funds (LIFF) for diversification and expert management.Consultation Process: MAS is seeking feedback on regulatory requirements and the types of assets suitable for retail investors.Future Potential: The proposal aims to create a sustainable and diversified market, with the potential for future listings of private market investment funds.Deep Dive The Monetary Authority of Singapore (MAS) is looking to broaden the…

FCA charges first individual with running a network of illegal crypto ATMs

Prosecutions, Regulation
The FCA has charged Mr Olumide Osunkoya, who is 45 and resides in London, for unlawfully running multiple crypto ATMs without FCA registration. Crypto ATMs are machines that allow you to buy or convert money into cryptoassets. Mr Osunkoya is accused of running crypto ATMs, which processed £2.6m in crypto transactions across multiple locations between 29 December 2021 and 8 September 2023 without the required registration. The charges mark the FCA’s first criminal prosecution relating to unregistered cryptoasset activity under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). These are also the…

Banks must refund fraud up to £85,000 in five days

Fraud, Regulation
UK banks must refund fraud victims up to £85,000 within five days under new rules. Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers. But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced. The watchdog has reduced the maximum compensation from a previous proposal of £415,000. It said the new cap of £85,000 would cover more than 99% of claims. It also announced that once a bank or payment company had refunded a customer, it could claim half back from…

U.S. Financial Regulators Propose Sweeping Changes to Anti-Money Laundering Rules

Money Laundering, Regulation
On July 19, 2024, a coalition of U.S. financial regulators unveiled a comprehensive proposal to overhaul anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations for banks and other financial institutions. This joint initiative, led by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC), represents the most significant update to AML/CFT rules in decades. The proposal aims to modernize the…

The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets

Digital Currencies, Regulation
The European Banking Authority (EBA) issued today new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes. The Guidelines specify which information should accompany a transfer of funds or crypto assets and also list the steps that payment service providers (PSPs), intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and intermediary CASPs (ICASPs) should take to detect missing or incomplete information, and what they should do if a transfer of funds or a transfer…

EU ushers in new anti-money laundering era

Money Laundering, Regulation
The EU is revolutionising its approach to money laundering and the financing of terrorism with the creation of a new bloc-wide body and a raft of new regulations. In a decisive move designed to beef up its defences against the ever-present scourge of , on Thursday (19 June) the European Union unveiled its comprehensive Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislative package. The package, which was formally adopted by the European Parliament in May, establishes a new EU Anti-Money Laundering Authority (AMLA) and introduces stricter regulations aimed at enhancing transparency and accountability across the financial system. The new…

FATF Ministers commit to stepping up efforts to fight money laundering, terrorist and proliferation financing

Regulation
Washington, D.C., 18 April 2024 – The Ministers of the Financial Action Task Force (FATF) reaffirmed their unwavering commitment to combat financial crime, and fully support the FATF as the global standard-setter for preventing and combatting money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction (AML/CFT/CPF). During this biennial meeting in Washington DC, members recognised the achievements of the Singapore Presidency under FATF President T. Raja Kumar. These included major steps taken to enhance the FATF Standards on asset recovery – improving jurisdictions’ toolkits to recover the proceeds of crime, and also to reinforce…

New EU rules to combat money-laundering adopted

Money Laundering, Regulation
Authorities, journalists, civil society organisations, to gain access to new registers, information sourcesEU limit on large cash payments up to EUR 10 000Due diligence rules to apply to football clubs and agents from 2029New EU Agency to directly oversee riskiest entities The European Parliament has adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing. The new laws ensure that people with a legitimate interest, including journalists, media professionals, civil society organisations, competent authorities, and supervisory bodies, will have immediate, unfiltered, direct and free access to beneficial ownership information held in national registries and interconnected…

Bribery, fraud and anti-money laundering | UK Regulatory Outlook April 2024

Bribery, Regulation
Financial Conduct Authority 2024/2025 Business Plan The Financial Conduct Authority (FCA) has published its 2024/25 Business Plan, as a useful reminder of its objectives and areas of regulatory focus for the financial sector. Over the next year, the FCA will focus on reducing and preventing financial crime, prioritising the needs of consumers and strengthening the UK’s position in global wholesale markets. This follows its work update published in February 2024 (as reported in our previous Regulatory Outlook), which highlighted the need for firms to tackle fraud and ensure their systems keep up with the increasing sophistication of criminal groups.   For further information see our Insight.…

Improving the effectiveness of the UK Money Laundering Regulations

Money Laundering, Regulation
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the ‘MLRs’), which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. HM Treasury committed to consulting on changes to the MLRs as part of a wider programme of work aimed at reducing money laundering, which was set out in the Economic Crime Plan 2023-26. This consultation principally covers issues with the MLRs already identified by HM Treasury, for example in the 2022 Review of the UK’s…

Bribery, fraud and anti-money laundering | UK Regulatory Outlook February 2024

Bribery, Corruption, Regulation
The Environment Agency has established a new Economic Crime Unit to combat money laundering and conduct financial investigations in the waste sector, made up of accredited financial investigators and financial intelligence officers and financial crime analysts. The unit comprises two teams: the Asset Denial Team, focusing on account freezing orders, cash seizures, pre-charge restraints and confiscations; and the Money Laundering Investigations team, responsible for conducting money laundering investigations targeting environmental offences. Businesses within the waste sector should ensure they are adhering to proper financial practices and reporting any suspicious activities. It is crucial that should the Economic Crime Unit launch…

UK art market feeling the heat as anti-money laundering legislation ramped up

Art Market, Regulation
HMRC has been issuing more regular fines and putting into force intensive checks, making art-related businesses sweatRiah Pryor19 February 2024ShareUnder the AML broiler: HMRC fined at least 31 UK art market participants from January 2021 to March 2023 © M4OS Photos/Alamy Stock PhotoUnder the AML broiler: HMRC fined at least 31 UK art market participants from January 2021 to March 2023© M4OS Photos/Alamy Stock Photo The British art market is under mounting pressure from anti-money laundering (AML) legislation. HMRC, the UK’s tax authority, fined at least 31 art market participants from 10 January 2021, when it began supervising the art…

Frankfurt Chosen as Host for EU Anti-Money Laundering Authority

Money Laundering, Regulation
Frankfurt has been selected as the headquarters for the European Union’s Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA). The decision was made through a joint vote on Thursday by Members of the European Parliament (MEPs) and EU ambassadors. Out of nine candidate cities that applied to host AMLA and presented their cases in public hearings, Frankfurt emerged victorious in the first round of voting, securing a majority of validly cast votes. The co-rapporteurs for AMLA, Emil Radev of the European People’s Party (EPP) from Bulgaria and Eva Maria Poptcheva of Renew from Spain, expressed their confidence in…

Lloyds to face AML controls investigation

Money Laundering, Regulation
The Financial Conduct Authority (FCA) of the UK has initiated an investigation into Lloyds Banking Group’s Anti-Money Laundering (AML) controls. As detailed in the lender’s annual report, Lloyds underlined that the investigation is related to its compliance with the money laundering regulations in the UK and the Financial Conduct Authority’s rules and principles of business, focusing on its controls framework. The report mentions that the bank has been cooperating with the investigation and cannot estimate the potential financial impact or if there would be any. At the time of the announcement, Lloyds declined to comment on the matter. The Financial…

PEP Guidance Reflecting Recent UK Regulatory Changes

Regulation
In December 2023, the UK government announced changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“MLRs”) in relation to the treatment of Politically Exposed Persons (“PEPs”) entrusted with prominent public functions in the UK (“domestic PEPs”). These changes came into force on 10 January 2024. The update means that under the MLRs, when dealing with domestic PEPs (or a family member or known close associate of a domestic PEP) the starting point for banks and other regulated firms is to treat them as inherently lower risk than non-domestic PEPs. This means…

Anti-money laundering: Council and Parliament strike deal on stricter rules

Money Laundering, Regulation
The Council and Parliament found a provisional agreement on parts of the anti-money laundering package that aims to protect EU citizens and the EU’s financial system against money laundering and terrorist financing. Vincent Van Peteghem Belgian Minister of FinanceThis agreement is part and parcel of the EU’s new anti-money laundering system. It will improve the way national systems against money laundering and terrorist financing are organised and work together. This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system. Vincent Van Peteghem Belgian Minister of FinanceWith the new…

EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks

Digital Currencies, Regulation
The European Banking Authority (EBA) today extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. CASPs can be abused for financial crime purposes, including ML and TF. The risks of this happening can be increased, for example because of the speed of crypto-asset transfers or because some products contain features that hide the user’s identity. Therefore, it is important that CASPs know about these…

UK economic crime regime

Regulation
This guide to the UK economic crime regime sets out information on the relevant legislation impacting solicitors and firms. Money Laundering Regulations 2017The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) set out the main anti-money laundering (AML) requirements for firms. This legislation has been amended by the: Money Laundering and Terrorist Financing (Amendment) Regulations 2019, which came into force on 10 January 2020 and implemented broad changes to the MLRsMoney Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, which made narrow changes mainly to the requirements around trust registrationThe Money Laundering and Terrorist…

Financial services regulation: Adapting to change

Regulation
The Financial Conduct Authority (FCA) is making significant changes in response to its new responsibilities and past regulatory failures, but it needs to manage the related risks if it’s to meet its commitments, including reducing and preventing financial crime, according to a new report by the National Audit Office (NAO). The FCA regulates approximately 50,000 firms in an industry worth more than £170 billion to the UK economy. The financial services sector is undergoing significant changes; the FCA began a transformation programme in 2020-21 in response to these changes and this will take a number of years to realise. Reshaping…

Council and Parliament reach political agreement to criminalise violation of EU sanctions

Regulation, Sanctions
The Spanish presidency of the Council and the European Parliament concluded their negotiations for an EU law which introduces criminal offences and penalties for the violation of EU sanctions. This directive ensures that those who violate or circumvent EU sanctions will be prosecuted. This gains particular importance in the context of the Russian war of aggression against Ukraine. The law lays down that member states will need to define certain actions as criminal offences. These include: helping persons subject to EU restrictive measures to bypass a travel bantrading sanctioned goods and running transactions with states or entities which are hit…

Bipartisan Anti-Crypto Terror Financing Bill Heads to U.S. Senate

Counter Terrorist Financing, Regulation
A bipartisan group of U.S. senators including Mitt Romney (R-UT) introduced legislation that expands sanctions to foreign entities supporting all U.S.-designated terrorist groups, including through crypto transactions, giving law enforcement an additional toolkit to tackle terror financing.“The Terrorist Financing Prevention Act of 2023, introduced by the Senators, aims to prevent Foreign Terrorist Organizations and their financial enablers, including those using digital assets, from accessing U.S. financial institutions, imposing sanctions and strict regulations to counteract these activities,” the bill reads.The proposed act broadens current sanctions, initially focused on Hezbollah, to include all U.S.-designated foreign terrorist organizations and their supporting foreign entities.…

Landmark Agreement: EU Nears Establishment of Robust Anti-Money Laundering Authority

Regulation
In a historic move, the European Union’s Council and Parliament have provisionally agreed to forge ahead with the creation of a groundbreaking European authority focused on combating money laundering and the financing of terrorism – the Anti-Money Laundering Authority (AMLA). This breakthrough represents a cornerstone in the broader anti-money laundering package, designed to fortify the EU’s financial system and protect the interests of its citizens. Under the terms of the provisional agreement, AMLA is set to wield both direct and indirect supervisory powers over high-risk entities within the financial sector. Notably, the agreement leaves the question of the authority’s seat…

US Regulators Agree to Ramp Up Oversight of Systemically Risky Non-Banks

Regulation
In a significant policy shift, U.S. regulators have cleared the path for an increased oversight of asset managers, hedge funds, and other non-bank financial institutions that are perceived to pose potential risks to the country’s financial system. This move marks the revival of a robust regulatory framework that had been sidelined during the previous administration of President Donald Trump. The Financial Stability Oversight Council (FSOC), led by the Treasury Department and composed of other major federal agencies, has also introduced a new framework aimed at identifying impending risks within the financial system. This decision is an integral part of the…

ADGM introduces the worlds first DLT Foundations Regime

Digital Currencies, Regulation
The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) officially released the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking a significant milestone in the evolution of digital assets regulatory frameworks across the region and at an international level. This newly implemented legislative structure is designed to provide a comprehensive framework for DLT Foundations and Decentralised Autonomous Organisations (DAOs), enabling them to operate and issue tokens recognising the unique needs of the Blockchain industry. This new regime comes in line with ADGM’s strategy to foster initiatives in the broader blockchain and digital asset realm. By setting a global benchmark…

Cyprus to Tighten Crypto Regulations in Accordance with FATF

Digital Currencies, Regulation
One of the friendliest European jurisdictions to crypto, Cyprus, might bring its industry regulation to tighter standards. According to an Oct. 10 report by the Cyprus Mail, the Cypriot Ministry of Finance intends to amend the existing Prevention and Suppression of Money Laundering and Terrorist Financing Law. The ministry has presented its amendments package to the House of Representatives Standing Committee on Legal Affairs, Justice and Public Order. It seeks to align Cyprus with international standards for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) set by the Financial Action Task Force (FATF), as well as the recommendations of…

FinCEN Proposes New Regulation to Combat Money Laundering and Terrorist Financing

Counter Terrorist Financing, Money Laundering, Regulation
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has taken a significant step in the fight against money laundering and terrorist financing by announcing a Notice of Proposed Rule Making (NPRM). This NPRM identifies international Convertible Virtual Currency Mixing (CVC mixing) as a class of transactions of primary money laundering concern. The move comes in response to growing concerns regarding the extensive use of CVC mixing services by various illicit actors worldwide, including state-affiliated cyber actors, cybercriminals, and terrorist groups such as Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea (DPRK). The proposed rule…

UK’s Economic Crime and Corporate Transparency Act receives Royal Assent

Money Laundering, Regulation
Robust laws to fight fraud, counter corruption and bolster legitimate business received Royal Assent today. The Economic Crime and Corporate Transparency Act introduces world-leading powers which will allow UK authorities to proactively target organised criminals and others seeking to abuse the UK’s open economy. Companies House will receive enhanced abilities to verify the identities of company directors, remove fraudulent organisations from the company register and share information with criminal investigation agencies Law enforcement agencies will benefit from greater powers to seize, freeze and recover cryptoassets, while groundbreaking legal reforms will allow the courts to dismiss spurious lawsuits which seek to…

Off the shelf AML policies put firms and clients at risk

Regulation, Regulatory Risk
The Solicitors Regulation Authority’s (SRA) 2022/23 anti-money laundering (AML) report warns of the risks posed by common AML issues. Find out what steps you and your firm can take to comply with your obligations. The SRA carried out 177 law firm inspections and 73 desk-based reviews between April 2022 and April 2023. One in three (30%) of firms inspected were fully compliant with their AML obligations, with just over half (51%) partially compliant. But the SRA found 19% of firms to be non-compliant, resulting in corrective or enforcement action. Alongside the Solicitors Disciplinary Tribunal (SDT), the SRA has: submitted 24…

Switzerland Proposes to Strengthen Anti-Money Laundering Laws

Money Laundering, Regulation
The Swiss government stated its intentions Wednesday to strengthen its anti-money laundering laws, in a bill that, if passed, would bring its financial due diligence measures closer in line with international standards. Switzerland, which has shielded the wealth of the world’s criminals and corrupt, has now proposed to strengthen its anti-money laundering laws. (Photo: Wally Gobetz, Flickr, License)Switzerland’s seven-member Federal Council, among them Finance Minister Karin Keller-Sutter, proposed a series of reforms meant to restore the country’s integrity as a global banking hub, which has suffered several black eyes over the years for keeping the ill-gotten gains of the world’s…

Upcoming UK Reforms: Tackling AML Will Require Consolidation, Not Further Fragmentation

Money Laundering, Regulation
With a series of proposed reforms on the table to improve the effectiveness of the UK’s anti-money laundering and counter-terrorism financing regulatory structure, First AML’s Simon Luke argues it’s essential to find the right fit for the regime going forward. A 2022 review of the UK’s AML/CTF framework determined that while the overall regulatory approach was sound, the regime in place has weaknesses that need to be addressed through structural reform. Four options have been offered for consultation (which closes Sept. 30): an enhanced version of the current model, Office for Professional Body Anti-Money Laundering Supervision (OBPAS), called OPBAS+; a…

Dubai’s Financial Services Authority (DFSA) signs MoU with the UAE’s FIU.

Regulation
DUBAI’s Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the UAE’s Financial Intelligence Unit (FIU) to advance AML/CFT coordination and cooperation. The MoU was signed by the DFSA’s ceo Ian Johnston and the FIU’s chief Ali Faisal Ba’Alawi last week (August 3). The agreement aims to enhance co-operation, co-ordination, and information sharing between the DFSA and FIU to fulfill their respective obligations related to AML/CFT compliance. This includes ensuring that applicable laws are followed by relevant entities. “It is crucial to work closely with authorities at a local, regional and global level in our interconnected environment,…

U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers

Digital Currencies, Regulation
WASHINGTON – As part of the Biden-Harris Administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), the U.S. Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) today released proposed regulations on the sale and exchange of digital assets by brokers, in an effort to crack down on tax cheats while helping law-abiding taxpayers know how much they owe on the sale or exchange of digital assets. This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays…

FINMA publishes guidance on money laundering risk analysis

Money Laundering, Regulation
The Swiss Financial Market Supervisory Authority today published guidance on the money laundering risk analysis. It repeatedly identified shortcomings in this area during on-site supervisory reviews. It sets out its observations in the guidance.FINMA is publishing guidance on the money laundering risk analysis. By doing so, it is creating transparency about its observations and experiences gained from supervisory practice in this area. FINMA has repeatedly identified shortcomings in the area of the money laundering risk analysis during on-site supervisory reviews. This prompted it to conduct an in-depth review of the money laundering risk analyses of more than thirty banks in…

Reform of the UK’s AML and CTF supervision regime

Regulation
HM Treasury is consulting on reforms to the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) supervision regime. Find out what changes are being proposed. The proposalsA 2022 review by HM Treasury found structural inconsistencies and weaknesses with the UK’s AML and CTF supervision regime. The UK government aims to reform the regime to increase its effectiveness and improve coordination across the system. Under the current regime, there are: three statutory supervisors:HM Revenue and Customs (HMRC)the Financial Conduct Authority (FCA)the Gambling Commission (GC)22 professional body supervisors that supervise the legal and accountancy sectorsHM Treasury proposes the following four models: OPBAS+The…

UK Government Proposes New Rule Requiring Bank Account Closure Transparency

Regulation
The UK government has proposed new rules for banks requiring more transparency with account closures. Under the proposal, banks would be required to delay account closures by 90 days and provide a notice to customers explaining why their account is being closed. Currently, banks are only required to provide a 30-day notice period for account closures. This is the latest in a recent string of actions focused on consumer rights and protection in the UK, following The Financial Conduct Authority (FCA) ‘Dear CEO’ letter for payment companies and the UK Payment Systems Regulator (PSR) APP fraud reimbursement requirements. Still, some…

UK Crypto, Stablecoin Laws Approved by Parliament’s Upper House

Digital Currencies, Regulation
The Financial Services and Markets Bill stands to recognize crypto as a regulated activity and stablecoins as a means of payment under existing laws. U.K. parliamentarians have voted through a new bill that could recognize crypto as a regulated activity in the country.The approval of the Financial Services and Markets Bill (FSMB) on Monday by Parliament’s upper chamber, the House of Lords, means the bill is going to enter the final stages before it is put into law. The wide-ranging bill, spanning over 340 pages, was introduced in July to take advantage of Brexit freedoms and give regulators more power…

Access to Public Information is too Restrictive in some European States

Regulation
The Group of States against Corruption of the Council of Europe (GRECO) today expressed concern about the restrictive access to public information in European states. In its annual report for 2022, GRECO recalls the role that access to information plays in ensuring public transparency and in facilitating the pursuit of corrupt behaviour. It regrets that in some countries, governments are still accorded a broad margin of discretion for determining what is in the public domain and whether to exclude certain documents from free access. “Government entities are often reluctant to disclose information and prefer to apply exceptions enabling them to…

Watchdog Proposes First Set of Global Rules for Crypto Sector

Digital Currencies, Regulation
INTERNATIONAL securities watchdog IOSCO unveiled on Tuesday the first global approach to regulating cryptoasset and digital markets, drawing on lessons from last year’s collapse of the FTX exchange that fuelled concerns over consumer protection. The industry, which typically only has to comply with anti-money laundering checks, has been calling for a global approach to regulation as different jurisdictions follow their own rules. The moves come after crypto exchange FTX began U.S. bankruptcy proceedings last November following a liquidity crisis that prompted intervention from regulators worldwide. Tuesday’s recommendations are a “turning point in addressing the very clear and proximate risks to…

Property register fines worth £1bn not yet imposed

Law, Regulation & Guidance, Regulation
The UK has so far failed to impose fines worth as much as £1bn on foreign companies breaking a landmark transparency law, BBC analysis reveals.Since January, overseas firms that own UK property can be fined up to £2,500 a day unless they declare their owners.Thousands are still to do so, including firms which have been linked to oligarchs such as Roman Abramovich, but no fines have yet been issued.The government said it was “building cases” against unregistered companies.The register was introduced as part of the Economic Crime Act in February 2022, following Russia’s invasion of Ukraine. Ministers said it would…

SEC’s Gensler seeks $2.4B in funding to chase down crypto ‘misconduct’

Digital Currencies, Regulation
United States Securities and Exchange Commission Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.” United States Securities and Exchange Commission Chair Gary Gensler has thrown his support behind U.S. President Joe Biden’s request to allocate a record $2.4 billion in funding for the regulator, highlighting the ongoing need to crack down on “misconduct” in the cryptocurrency industry. In prepared testimony for the March 29 budget hearing with the House Appropriations Committee, Gensler said the additional funding was needed to keep up the pace of…