ENFORCEMENT

Enforcement

Former ICBC Official Expelled from Communist Party for Corruption

By Mark Johnston | 23/01/2024

Liu Lixian will have his illegal gains confiscated and his case transferred to prosecutors for further review.

AML / KYC

Singapore Money Laundering Case Tops S$3bn in Assets

By Editors | 22/01/2024

Warrants of arrest and Interpol Red Notices have also been issued against two more Cambodian nationals for money laundering offences.

Enforcement

US Regulators Fine ICBC New York Branch for Regulatory Violations

By Editors | 22/01/2024

ICBC disclosed confidential supervisory information without regulatory approval and had deficiencies in its BSA/AML compliance programme.

Enforcement

BNP Paribas Fined in Taiwan for Violating Insurance Regulations

By Editors | 22/01/2024

The FSC said BNP failed to fully separate its business units and outsourced information operations to the cloud without prior regulatory approval.

Enforcement

Australian Court Fines ME Bank for Misleading Home Loan Customers

By Editors | 19/01/2024

ME Bank sent inaccurate home loan information to its customers and failed to provide written notice about annual interest rate and repayment amount changes.

Enforcement

Korea Strengthens Mechanism for Punishing Unfair Trading

By Editors | 19/01/2024

The revisions introduce a new penalty surcharge system for unfair trading activities and establish a clear legal ground for calculating unfairly gained profits.

Crypto / Digital Assets

US IRS Clarifies Crypto Tax Reporting Rules

By Mark Johnston | 19/01/2024

The IRS and Treasury clarify that crypto tax reporting rules will require issuing regulations before it goes into effect, which could take years.

Enforcement

Former VP of US Bank Pleads Guilty to AML Violations

By Mark Johnston | 18/01/2024

Peter McVey helped high-risk customers evade the bank’s AML controls, violating the Bank Secrecy Act.

AML / KYC

Cryptos Popular Among Money Launderers in SE Asia: UN Report

By Nithya Subramanian | 18/01/2024

Tether has emerged as a preferred choice for regional cyberfraud operations due to its stability and the ease, anonymity, and low fees of its transactions.