ENFORCEMENT

AML / KYC

US Court Sentences Lawyer for “OneCoin” Fraud to 20 Years

By Editors | 01/02/2024

Mark Scott, formerly an equity partner at international law firm Locke Lord LLP, laundered $400mn of proceeds from the OneCoin fraud scheme.

Enforcement

Korea Passes Bill Strengthening Penalties for Insurance Fraud

By Editors | 01/02/2024

The amendments allow jail and fines for arrangements, inducements, recommendations, or advertising that leads to insurance fraud.

Enforcement

NYAG Sues Citi for Failing to Protect Customers from Fraud

By Editors | 31/01/2024

NYAG says Citi does not implement strong anti-fraud defences, misleads account holders about their rights, and illegally refuses to reimburse fraud victims.

Enforcement

Westpac Fined A$9.8m for 2016 Pre-Hedging Case

By Sanday Chongo Kabange | 31/01/2024

Westpac will pay the maximum penalty of A$1.8mn allowed in 2016 for unconscionable conduct and another A$8mn for ASIC’s costs.

Enforcement

Korea Increases Rewards for Capital Market Whistleblowers

By Sanday Chongo Kabange | 31/01/2024

Whistleblower reports can also be filed anonymously, to better protect reporters of unfair transactions and market misconduct.

Enforcement

UK PRA Fines HSBC Over Deposit Protection Rule Breaches

By Editors | 31/01/2024

HSBC incorrectly marked eligible accounts as “ineligible” for depositor protection. The fine is the second highest ever imposed by the PRA.

AML / KYC

Italy Busts $1.9bn Tax Fraud Scheme Involving Chinese Shadow Banks

By Mark Johnston | 30/01/2024

Italian police uncover a tax fraud involving false invoices and Chinese underground banks, seizing assets worth EUR 350 million.

Enforcement

Former China Development Bank President Gets 20 Year Jail Sentence

By Editors | 29/01/2024

He Xingxiang was found guilty of taking bribes, providing bank guarantees illegally, issuing loans illegally, and concealing offshore bank deposits.

Enforcement

Japan FSA Issues Orders to Insurance Major Over Fraud Scandal

By Editors | 29/01/2024

Sompo Japan Insurance is required to draw up an improvement plan including steps to change its corporate culture, enhance customer protection, and improve governance.