Enforcement

Enforcement

ECB to Order UniCredit, Raiffeisen to Cut Russia Business – Reports

By Editors | 22/04/2024

Italy’s UniCredit and Austria’s Raiffeisen Bank International are expected to be ordered by the ECB to  pare back their Russia business.

Enforcement

Hong Kong AFRC Probing Whistleblower Allegations Against PwC

By Editors | 22/04/2024

The probe was prompted by an anonymous “whistle-blower report” circulating in the media which PwC says contains “inaccurate statements and false allegations”.

AML / KYC

AUSTRAC Fines Eight Firms for Compliance Report Nonsubmission

By Sanday Chongo Kabange | 22/04/2024

AUSTRAC issued infringement notices to eight firms that failed to submit their annual compliance reports.

Enforcement

OFAC Penalises Thai Petrochemical Firm for Sanctions Violations

By Editors | 21/04/2024

A unit of a Siam Cement Group subsidiary obfuscated the Iranian origin of polyethylene resin, causing US banks to unknowingly process transfers that violated sanctions.

Enforcement

Australian Court Fines Macquarie for Inadequate Controls

By Editors | 21/04/2024

Macquarie failed to prevent a now jailed financial adviser from fraudulently withdrawing A$2.9mn from customer accounts between 2016 and 2019.

Crypto / Digital Assets

Binance, KuCoin to Return to India as Compliant Crypto Exchanges

By Ajoy K Das | 19/04/2024

Binance will pay a $2mn penalty and return to India as a registered firm. Kucoin announced its return last month.

Enforcement

MAS Bans Former Prudential Representative for 8 Years

By Nithya Subramanian | 19/04/2024

The former insurance agent used client funds for personal expenses rather than to pay the client’s premiums.

Enforcement

Former PBOC Deputy Governor Pleads Guilty for Accepting Bribes

By Editors | 18/04/2024

Fan Yifei abused his positions and took bribes from 1993 to 2022, while at China Construction Bank, China Investment Corp, Bank of Shanghai and the PBOC.

Enforcement

US SEC Blocks Staff Messaging on Mobile Devices

By Editors | 17/04/2024

The SEC is restricting access to SMS, iMessage, and third-party messaging applications on employees’ work mobile phones.