Enforcement

AML / KYC

Wise Tightens AML Compliance Following Regulatory Review in Europe

By Thisanka Siripala | 30/11/2024

The National Bank of Belgiumreportedly found in 2022 that Wise lacked proof of address for hundreds of thousands of customers.

AML / KYC

AUSTRAC Fines 16 Firms for Failure to Submit Compliance Reports

By Editors | 30/11/2024

The infringement notices were issued for failure to submit 2023 annual compliance reports. The firms had a history of non-compliance.

Enforcement

New Zealand’s Kiwibank Fined for Breaches of Fair Trading Act

By Nithya Subramanian | 29/11/2024

The Commerce Commission has penalised Kiwibank for overcharging 35,000 customers a total NZD 6.8 million.

Enforcement

Malaysia: Court of Appeal Upholds SC’s Case Related to Insider Trading

By Nithya Subramanian | 29/11/2024

The former deputy chairman of a listed company was ordered to pay MYR 3.28 million in disgorgement and a MYR 1 million civil penalty.

Big Picture

UK FCA Faces Criticism Over Consumer Protection Shortfalls

By Thisanka Siripala | 29/11/2024

A parliamentary group released a report based on testimony from 174 respondents collected over two and a half years.

Sanctions

US Appeals Court Overturns Tornado Cash Sanctions

By Editors | 28/11/2024

The court said federal law only gives OFAC the authority to sanction property, and Tornado Cash’s smart contracts do not qualify as property.

Enforcement

UK FCA Fines Macquarie Unit £13m for Control Failures

By Mark Johnston | 28/11/2024

The FCA said serious control failures allowed a junior trader to conceal over 400 fictitious trades to hide trading losses.

Enforcement

Vietnam Property Tycoon Asked to Repay $11b to Avoid Execution

By Nithya Subramanian | 28/11/2024

Under Vietnamese law, if Lan can return three-quarters of the embezzled assets, the jury can consider a reduction in her sentence.

Enforcement

Singapore Court Commences Nickel Trading Fraud Trial

By Nithya Subramanian | 28/11/2024

Ng Yu Zhi faces charges of fraudulent trading, cheating, forgery and money laundering. The trial is expected to take over 50 days.