Enforcement

AML / KYC

Singapore Freezes 300 Suspicious OCBC Accounts, Seizes S$1.8m

By Nithya Subramanian | 21/08/2024

A joint operation revealed bank accounts were used to layer scam proceeds, which obscured fund sources and facilitated money laundering.

Enforcement

HK Court Jails Ex-Sunway Employee for Laundering $125m

By Sanday Chongo Kabange | 21/08/2024

The court sentenced a personal assistant to five years in prison for helping his boss unlawfully obtain loans from a listed company and launder the proceeds.

Enforcement

China Issues Guidelines on Prosecutions in Financial Fraud Cases

By Editors | 20/08/2024

Organisations and individuals that provide a “one-stop financial fraud service” to companies or enterprises will be “severely punished”.

Enforcement

SFC Lifts Suspension of Changjiang Corporate Finance

By Sanday Chongo Kabange | 20/08/2024

The SFC said it is satisfied that Changjiang’s sponsor business now has adequate systems, controls, policies and procedures to enable compliance.

Enforcement

UK FCA Fines PwC for Failing to Report Fraud Suspicions

By Mark Johnston | 20/08/2024

This is the FCA’s first-ever fine against an auditor, imposed because PwC failed to report fraud suspicions to the regulator.

Enforcement

South Korea Enhances Measures Against Voice Phishing Frauds

By Mark Johnston | 20/08/2024

New measures effective from 28 August will require FIs and prepaid providers to share information and introduce more controls to guard against fraud.

Enforcement

MAS Imposes 9-Year Ban on Former OCBC Rep for Misconduct

By Nithya Subramanian | 20/08/2024

The former representative defrauded five OCBC customers by persuading them to sign up for fictitious time deposit accounts.

Enforcement

MAS Issues Prohibition Order Against Ex-HSBC Banker for Disclosure Failure

By Nithya Subramanian | 20/08/2024

The former relationship manager failed to disclose to HSBC that he had been the subject of police investigations and criminal proceedings.

AML / KYC

Singapore, Malaysia Dismantle Money Laundering Syndicate

By Nithya Subramanian | 20/08/2024

Malaysian police arrested 12 individuals for suspected money laundering using Singapore bank accounts. One of the individuals was charged in Singapore this week.