Enforcement

AML / KYC

Binance Faces Lawsuit from Hamas Victims for Facilitating Terrorism

By Editors | 02/02/2024

The lawsuit, which alleges that Binance enabled Hamas to finance the 7 October attacks, also names Iran and Syria as defendants.

AML / KYC

SkyCity Agrees to Pay More Than A$70m for AML Breaches

By Editors | 02/02/2024

AUSTRAC launched civil penalty proceedings against SkyCity Adelaide in December 2022. The casino operator just raised its provision for the potential penalty.

AML / KYC

UK Trial Commences in £5bn Bitcoin Money Laundering Case

By Editors | 01/02/2024

Woman is charged for laundering GBP 5 billion stolen from more than 128,000 investors in China on behalf of her former employer.

AML / KYC

US Court Sentences Lawyer for “OneCoin” Fraud to 20 Years

By Editors | 01/02/2024

Mark Scott, formerly an equity partner at international law firm Locke Lord LLP, laundered $400mn of proceeds from the OneCoin fraud scheme.

Enforcement

Korea Passes Bill Strengthening Penalties for Insurance Fraud

By Editors | 01/02/2024

The amendments allow jail and fines for arrangements, inducements, recommendations, or advertising that leads to insurance fraud.

Enforcement

NYAG Sues Citi for Failing to Protect Customers from Fraud

By Editors | 31/01/2024

NYAG says Citi does not implement strong anti-fraud defences, misleads account holders about their rights, and illegally refuses to reimburse fraud victims.

Enforcement

Westpac Fined A$9.8m for 2016 Pre-Hedging Case

By Sanday Chongo Kabange | 31/01/2024

Westpac will pay the maximum penalty of A$1.8mn allowed in 2016 for unconscionable conduct and another A$8mn for ASIC’s costs.

Enforcement

Korea Increases Rewards for Capital Market Whistleblowers

By Sanday Chongo Kabange | 31/01/2024

Whistleblower reports can also be filed anonymously, to better protect reporters of unfair transactions and market misconduct.

Enforcement

UK PRA Fines HSBC Over Deposit Protection Rule Breaches

By Editors | 31/01/2024

HSBC incorrectly marked eligible accounts as “ineligible” for depositor protection. The fine is the second highest ever imposed by the PRA.