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Enforcement
AML / KYC
Singapore Secures Seventh Conviction in Money Laundering Case
By Nithya Subramanian | 24/05/2024
Cambodian national Chen Qingyuan, who is wanted in China, has been sentenced to a 15-month jail term and will forfeit S$21mn.
Enforcement
FCA Fines HSBC for Failures in Treatment of Customers
By Editors | 24/05/2024
The bank was fined GBP 6.3 million, on top of investing GBP 94 million to correct the issues and paying redress worth GBP 185 million.
Enforcement
Worldcoin Ordered to Cease Iris-Scanning in Hong Kong
By Sanday Chongo Kabange | 24/05/2024
The PCPD has determined that the Worldcoin project has breached Hong Kong’s personal data privacy law.
Enforcement
CFTC Fines JPMorgan $200m Over Trade Surveillance Gaps
By Editors | 24/05/2024
Half of the penalty will be offset by resolutions made with the OCC and Federal Reserve Board in March.
Enforcement
US SEC Fines ICE for Late Notification of Cyber Intrusion
By Editors | 22/05/2024
Commissioners Hester Peirce and Mark Uyeda said the $10mn penalty was “disproportionately large” and creates a “counter-productive dynamic” with regulated entities.
Enforcement
UK Regulators Fine Citi Over Trader’s Mistake, Control Failings
By Editors | 22/05/2024
A trader inadvertently placed sell orders worth $444bn instead of $58 million. Citi’s electronic trading system generated additional erroneous orders.
Enforcement
LIBOR Convictions to be Raised With UK Supreme Court
By Editors | 22/05/2024
The Court of Appeal opened the door for Tom Hayes and Carlo Palombo to directly apply to the Supreme Court for permission to appeal their convictions.
Enforcement
Hong Kong IA Bars Ex-Prudential Agent for 14 Years
By Sanday Chongo Kabange | 22/05/2024
The IA said it found the agent’s conduct “so disgraceful” that it unanimously decided to elevate the penalty to a 14-year prohibition.
AML / KYC
NZ DIA, SkyCity Reach Settlement Over AML Breaches
By Sanday Chongo Kabange | 22/05/2024
A penalty of NZD 4.16 million was proposed to the court to settle SkyCity’s liability over the AML breaches.
Crypto / Digital Assets
NYAG Secures $2bn Settlement from Crypto Lender Genesis
By Editors | 21/05/2024
New York Attorney General Letitia James said the settlement was the largest against a crypto firm in the state’s history.
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