Fraud, Scams & Cybercrime

Hong Kong, Singapore to Strengthen Cooperation on Scam Calls

11/06/2024

Hong Kong’s OFCA and Singapore’s IMDA have signed an MoU to strengthen their cooperation in combating scam calls and messages.

Trading & Investment

HSBC Agrees to Raise Stake in China Fund Venture

11/06/2024

HSBC will raise its stake in HSBC Jintrust Fund Management from 49 to 80 percent, subject to regulatory approval.

Trading & Investment

HSBC Completes Acquisition of Citi’s China Wealth Business

11/06/2024

HSBC has completed the acquisition of Citigroup’s mainland retail wealth management portfolio, a deal that was announced last October.

Supervision & Enforcement

Industry Body Sues US SEC for Records on WhatsApp Probe

11/06/2024

The American Securities Association seeks to force the SEC to disclose information that was considered when determining the penalties.

Anti-Bribery & Corruption

China: Four More Officials Facing Prosecution for Taking Bribes

11/06/2024

A former banking regulator and two other ex-officials from ICBC and Citic Group were found to have accepted bribes, the CCDI said.

Fraud, Scams & Cybercrime

UK PSR Rejects Calls to Delay Fraud Reimbursement Rules

11/06/2024

Interim head of the PSR, David Geale, said there was a need to “act quickly” on APP fraud and that the new rules would be introduced in October as planned.

PEPs & Sanctions

OFAC Imposes New Sanctions Targeting Illicit Houthi Shipments

10/06/2024

The targets include four entities, including Hong Kong-, India- and Panama-based shipping companies and some of their vessels.

Anti-Money Laundering

TD Bank Facing $4bn in Fines for AML Violations – Report

10/06/2024

The amount is double previous estimates, prompted by the emergence of new bribery allegations against the bank.

Fraud, Scams & Cybercrime

Former AllianzGI Fund Manager Pleads Guilty to Fraud

10/06/2024

Gregoire Tournant admitted to providing deceptive information to investors in AllianzGI’s now-defunct Structured Alpha funds.