ENFORCEMENT

Enforcement

Korea FSS Identifies Misconduct by Nine Securities Firms

By Editors | 19/12/2023

The securities firms and up to 30 managers were involved in selling investment assets amongst themselves to shift losses between customer accounts.

Enforcement

EU Leaders Agree on 12th Russia Sanctions Package

By Editors | 18/12/2023

The package includes additional import and export bans and measures to better enforce the oil price cap. Agreement also reached on criminalisation of sanctions violations.

Enforcement

Ex-FBI Agent Jailed for Helping Sanctioned Russian Oligarch

By Editors | 18/12/2023

Former FBI agent Charles McGonigal conspired to violate US sanctions and commit money laundering to help sanctioned Russian oligarch Oleg Deripaska.

AML / KYC

HK Amends National Security Law to Facilitate Asset Freezes

By Editors | 15/12/2023

The national security law has been amended to allow assets to be frozen “until the conclusion of the proceedings” such as criminal prosecutions.

AML / KYC

US Congress Passes Foreign Extortion Prevention Act

By Editors | 15/12/2023

The Act prohibits foreign government officials from soliciting or receiving bribes from any person or company under US jurisdiction.

Enforcement

Former Bank of China Branch Head Jailed for Life for Embezzlement

By Editors | 15/12/2023

Xu Guojun and accomplices embezzled and misappropriated over $323mn in China’s banking sector’s biggest-ever corruption case.

Enforcement

SBI Securities Accused of Manipulating Stock Prices – Reports

By Editors | 15/12/2023

SBI Securities allegedly asked investors to buy shares in stocks that it underwrote on the first day of trading to prop up their stock prices.

AML / KYC

RBNZ Issues Formal AML/CFT Warning to Citibank

By Sanday Chongo Kabange | 14/12/2023

Citibank NZ failed to pass on the identities of the originators of 64,000 wire transfers between 2017 and 2022.

Enforcement

Crypto Exchange Pays OFAC USD 1.2 Million to Settle Crimea Violations

By Editors | 14/12/2023

US-based CoinList Markets processed 989 transactions on behalf of users in the Crimea region in violation of OFAC sanctions regulations.