Enforcement

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    Enforcement

    US DOJ Arrests Two Chinese Nationals Involved In $73m Crypto Scam

    By Mark Johnston | 18/05/2024

    Both individuals face accusations of conspiracy to commit money laundering and six counts of international money laundering.

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    AML / KYC

    AUSTRAC, SkyCity Propose A$67m Settlement to Court

    By Editors | 17/05/2024

    A hearing date has been set for 7 June 2024 for the court to consider the settlement jointly proposed by AUSTRAC and SkyCity Adelaide.

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    Capital / Liquidity

    FSA Japan Issues Order Over Use of Falsified Data in Stress Tests

    By Nithya Subramanian | 16/05/2024

    Avatrade Japan used falsified data in stress tests to conceal its poor results and avoid having to increase capital.

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    Enforcement

    ASIC Issues Guidance for Unlicensed Entities Soliciting Advice

    By Sanday Chongo Kabange | 16/05/2024

    The guidance warns of penalties for unlicensed entities that make unsolicited contact with consumers and refer them to third parties for financial advice.

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    Enforcement

    Taiwan’s Yuanta Bank Fined for Embezzlement by Employee

    By Nithya Subramanian | 16/05/2024

    An employee privately negotiated repayment plans with customers and provided them a personal account for their debt repayments.

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    Enforcement

    Korea FSS Reveals Arbitration Results for Mis-sold ELS Products

    By Editors | 16/05/2024

    The final compensation ratio in representative cases from five banks varied from 30 to 65 percent.

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    Enforcement

    CSRC Opens Investigation Into Hedge Fund Firm

    By Editors | 16/05/2024

    The investigation was prompted by reports that the firm’s controlling shareholder “ran away”.

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    AML / KYC

    Singapore Makes Sixth Conviction in Money Laundering Case

    By Nithya Subramanian | 15/05/2024

    Turkish national Vang Shuiming was sentenced to “13 months and six weeks” imprisonment and required to forfeit S$179mn in assets.

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    Crypto / Digital Assets

    CFTC Fines Crypto Firm FalconX $1.8m for Failure to Register

    By Editors | 14/05/2024

    FalconX allowed US customers to trade in crypto derivatives without registering as a futures commission merchant.

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    Enforcement

    Australian Court Dismisses Class Action Against CBA

    By Editors | 14/05/2024

    The class action alleged that CBA failed to disclose its AML contraventions for several years before it was eventually fined A$700m in 2018.

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