Enforcement

AML / KYC

MAS Fines Atrium Asia Investment Management for AML/CFT Breaches

By Nithya Subramanian | 30/10/2024

The firm’s CEO was also reprimanded over failures to assess risks posed by customers, identify PEPs, and keep adequate records.

AML / KYC

Italy Uncovers Major VAT Fraud Linked to Chinese Money Laundering Network

By Nithya Subramanian | 29/10/2024

The operation spanned 20 Italian cities, leading to the seizure of high-end assets and the arrest of seven suspects, including two alleged ringleaders.

ESG / Sustainability

Australia: Santos Faces Shareholder Lawsuit Over Net-Zero Claims

By Thisanka Siripala | 29/10/2024

The Australasian Centre for Corporate Responsibility says Santos’ emission reduction roadmap lacks credible foundation.

Enforcement

ASIC Annual Report Details Increasing Focus on Accountability, Enforcement

By Thisanka Siripala | 29/10/2024

In the 12 months ending June 2024, ASIC conducted 690 surveillance operations and 168 formal investigations, and filed 32 cases against 69 defendants.

Enforcement

Thailand Raises Penalties for Violations by Brokerage Firms

By Nithya Subramanian | 29/10/2024

The new minimum penalty for naked short-selling stands a THB 1 million (USD 30,000), to better reflect the severity of offence.

AML / KYC

FinCEN Fines Hotel-Casino $900,000 for AML Failures

By Thisanka Siripala | 27/10/2024

Lake Elsinore Hotel and Casino in California failed to maintain an effective AML programme over a four-year period.

Enforcement

BNM Fines MSB Licensee for Circumventing CDD Process

By Mark Johnston | 27/10/2024

BSB Darussalam personnel deliberately split transactions into amounts below MYR 3,000 to avoid CDD requirements.

Enforcement

US Court Fines Chinese Citizen for Fictitious Sales Scheme

By Mark Johnston | 27/10/2024

Yueyu Bao was fined and banned for orchestrating a series of non-competitive, fictitious trades with his cousin on the Chicago Board of Trade.

Sanctions

DOJ Can Prosecute State-Owned Turkish Bank, Court Rules

By Editors | 25/10/2024

Halkbank was accused in 2019 of helping Iran to evade US sanctions, but the possibility of legal immunity surrounding the case has been ongoing until now.