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ENFORCEMENT
AML / KYC
Wirecard Investors File Lawsuit Against EY in Munich
By Nithya Subramanian | 27/12/2023
The group of investors alleged that EY did not ensure accuracy of accounts and claimed EURO 700 million as damages.
Enforcement
India Competition Commission Proposes New Penalty Computation Rules
By Ajoy K Das | 27/12/2023
The CCI says indirect taxes, trade discounts and intra-group sales will be excluded from turnover when calculating penalties for competition law violations.
Enforcement
Korea Fines BNP Paribas, HSBC $20.4m for Illegal Short Selling
By Editors | 26/12/2023
The FSC said the naked short-selling transactions lasted for months and were thus were “viewed as not inadvertent but intentional.”
Enforcement
Singapore Announces Criminal Charges Over DPRK Gasoil Sales
By Editors | 26/12/2023
Defendants are accused of shipping gasoil to North Korea in violation of UN sanctions via the MT Courageous, an oil tanker seized by the US in 2021.
Enforcement
India’s NFRA Detects Deficiencies in Big Four Audit Processes
By Ajoy K Das | 26/12/2023
The National Financial Reporting Authority published inspection reports of BSR & Co, Deloitte Haskins & Sells, SRBC & Co and Price Waterhouse Chartered Accountants.
Enforcement
Insurer Settles with OFAC after Issuing Policies to Sanctioned Russian’s Company
By Editors | 23/12/2023
US-based Privilege Underwriters Reciprocal Exchange agreed to pay USD 466,000 over policy written for Panamanian company owned by sanctioned oligarch Viktor Vekselberg.
AML / KYC
Singapore Authorities Warn of Scammers Posing as MAS Officers
By Mark Johnston | 22/12/2023
The scammers accuse victims of being involved in criminal activities before asking them to transfer money to designated “security accounts”.
Enforcement
Korea Considers Naked Short-selling Penalties for Global Banks
By Editors | 22/12/2023
Last month, Korean regulators said they found that the Hong Kong units of HSBC and BNP Paribas committed naked short selling.
Enforcement
Malaysia Mulls Legal Action Against Foreign Banks Over 1MDB
By Mark Johnston | 22/12/2023
At least eight foreign banks neglected KYC verification procedures, resulting in misdirection of 1MDB funds into unintended accounts.
Enforcement
Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme
By Ranamita Chakraborty | 22/12/2023
Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.
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