Enforcement

AML / KYC

Philippines Enacts Anti-Financial Account Scamming Act

By Editors | 22/07/2024

The law institutionalises penalties for social engineering-related crimes and online scams, including the use of mule accounts.

Sanctions

OFAC Issues Guidance on Extended Statute of Limitations

By Editors | 22/07/2024

OFAC plans to extend record-keeping requirements from five to ten years, to match the new statute of limitations period.

Enforcement

Korea FSS Punishes Brokerage Firm for Mis-selling PE Funds

By Editors | 22/07/2024

Shinyoung Securities failed to properly explain the investment risks to customers when selling Lime and Discovery private equity funds.

Enforcement

MUFG Pledges to Prevent Recurrence of ‘Firewall’ Breaches

By Editors | 22/07/2024

MUFG will cut the pay of several top executives and has pledged to implement specific improvement measures to prevent any recurrence.

Enforcement

US SEC Sets Up Interagency Securities Council to Combat Fraud

By Nithya Subramanian | 22/07/2024

The objective of the new council is to strengthen collaboration between federal, state, and local agencies to protect investors from fraud.

AML / KYC

Singapore Says Jho Low Red Notice Remains in Effect

By Nithya Subramanian | 22/07/2024

Jho Low’s civil settlement with the US DOJ has “no bearing” on criminal investigations against him and his associates in Singapore.

Enforcement

Visa Suspected of Violating Japan’s Antimonopoly Act – Reports

By Editors | 21/07/2024

The FTC is probing Visa’s local unit and plans to explore whether its US headquarters and Singapore unit played a role in the suspected violations.

Sanctions

OFAC Sanctions Two Members of the ‘Cyber Army of Russia’

By Editors | 21/07/2024

Two Russian nationals separately pleaded guilty to participating in LockBit ransomware attacks, the DOJ announced separately.

Enforcement

Amex Fined in Australia for Issuing Unsuitable Credit Cards

By Editors | 20/07/2024

The decision highlights requirements for product issuers to actively review whether their target market determinations remain appropriate over time.