Anti-Money Laundering

ASIC Commences Proceedings Against Star Entertainment Execs

13/12/2022

ASIC says Star board members and key executives breached their duties by failing to address known money laundering risks.

Anti-Money Laundering

Chinese Police Arrest 63 Members of Crypto Money Laundering Gang

13/12/2022

The gang is estimated to have laundered up to CNY 12 billion for both domestic and foreign criminal groups using cryptocurrency.

Market Abuse

EU Commission Accuses Two Banks of Cartel Conduct

12/12/2022

Deutsche Bank and Rabobank traders allegedly exchanged commercially sensitive information and coordinated pricing and trading strategies on government bonds.

PEPs & Sanctions

EU Commission Proposes Ninth Russia Sanctions Package

12/12/2022

The package covers almost 200 individuals and entities, including three more Russian banks. More export controls, mining investments, and Russian TV channels also targeted.

Market Abuse

Nasdaq Wins Best Solution in Market & Trade Surveillance

12/12/2022

Nasdaq was awarded best solution in market & trade surveillance at Regulation Asia’s 5th annual awards ceremony.

Conduct, Culture & Accountability

HKMA Finalises Code of Conduct Requirements for Banks

12/12/2022

Banks have until 1 July 2023 to ensure their Code of Conduct and internal control systems are consistent with the revised SPM module.

Fraud, Scams & Cybercrime

Singapore: Ex-Agritrade CFO Pleads Guilty to Deceiving Banks

12/12/2022

The former CFO used false financial statements to obtain loans for Agritrade International and its suppliers, causing over $469mn in losses for up to 12 banks.

Market Abuse

FCA Fines Interdealer Brokers Over Inadequate Trade Surveillance

12/12/2022

Between July 2016 and January 2018, BGC Brokers, GFI Brokers and GFI Securities had deficient surveillance processes and insufficient asset class coverage.

Trading & Investment

RBI Allows Resident Entities to Hedge Gold Exposures from GIFT City

12/12/2022

To date, resistant entities in India have not been permitted to hedge their gold price exposures in overseas markets.