ENFORCEMENT

AML / KYC

Singapore: Two More Sentenced in Money Laundering Case

By Nithya Subramanian | 03/05/2024

Cambodian Su Baolin and Chinese national Zhang Ruijin were sentenced to jail and required to forfeit a combined S$183mn in assets.

Enforcement

Canada’s FINTRAC Imposes AML Penalty on TD Bank

By Mark Johnston | 03/05/2024

The $6.7mn fine is the largest-ever levied by FINTRAC. TD Bank has separately provisioned $450mn for potential US penalties.

Enforcement

Russian Court Cancels Part of JPMorgan Freeze Order

By Editors | 03/05/2024

The majority of JPMorgan’s funds in Russia cannot be seized as they are held in so-called “type C” accounts.

Enforcement

Hong Kong ICAC Charges MPF Intermediary with Fraud

By Sanday Chongo Kabange | 02/05/2024

A former insurance agent of FWD Life allegedly conspired with four clients to apply for early withdrawal of their MPF using false documents.

Enforcement

MAS Ends Six-Month Pause on Non-Essential Activities at DBS

By Nithya Subramanian | 02/05/2024

MAS will retain the additional capital requirement and “closely monitor” DBS Bank’s progress on the remaining deliverables.

Crypto / Digital Assets

India Collaborates with US FBI on Crypto Scam Case

By Ajoy K Das | 01/05/2024

The joint operation uncovered a $360mn scam involving drug trafficking, crypto payments and the dark web.

AML / KYC

US Court Sentences Binance Founder to Four Months Jail

By Editors | 01/05/2024

The sentence was below the three years requested by prosecutors and the 18 month maximum recommended under federal guidelines.

Enforcement

India: ICAI Passes Order Against EY Affiliates and Former Boss

By Ajoy K Das | 01/05/2024

EY’s India affiliates have been using global network branding and paying referral fees to global network firms, which is prohibited.

Enforcement

QLD Police Charge Four for ‘Boiler Room’ Investment Fraud

By Sanday Chongo Kabange | 01/05/2024

Approximately 30 people were defrauded of over A$1.5 million between 2018 and 2021. Four people were arrested and charged.