Enforcement

Two Former JPMorgan Traders Jailed on Spoofing Charges

23/08/2023

Gregg Smith was sentenced to two years in prison, while Michael Nowak was sentenced to one year and one day in prison.

Crypto / Digital Assets

Korean City Set to Seize Crypto Assets from Tax Evaders

23/08/2023

The Cheongju City government has ordered seven crypto exchanges to submit a report on the crypto holdings of 8,250 people, who each owe over KRW 1 million in tax.

Fintech / Regtech

Swift Achieves FSB Speed Target for Cross Border Payments

23/08/2023

89% of transactions processed on the Swift network now reach recipient banks within one hour. The FSB target was 75% by 2027.

Enforcement

SFC Issues Fine for Trade Surveillance, Record-keeping Failures

22/08/2023

Alert review records were missing for over 14,000 alerts. Client call records were missing for more than 1,000 orders.

Enforcement

China NFRA Fines Three Banks for Loan-related Violations

22/08/2023

Several violations involved the improper use of loan proceeds by borrowers such as to fund investments in property and securities.

RBI Asking Banks to Settle UAE Trade Without USD – Report

22/08/2023

The RBI has asked banks to encourage clients and corporates to settle trade with the UAE using the dirham or Indian rupee.

AML / KYC

India Tightens Rules on SIM Card Registration to Combat Fraud

22/08/2023

India’s one million SIM card dealers will have to undergo a mandatory verification and registration process within one year.

Capital / Liquidity

Tokyo Bourse Approves Japan’s First Active ETF Listings

22/08/2023

Two active ETFs, both managed by Nomura Asset Management, will list on the Tokyo Stock Exchange on 7 September.

AML / KYC

China, Thailand, Myanmar, Laos Launch Joint Police Operation

22/08/2023

Police from the four countries have launched a special joint operation to crack down on illegal gambling, fraud, human trafficking and other crimes.