Enforcement

Crypto / Digital Assets

Chinese Authorities Dismantle $2.2b Underground Banking Operation

By Editors | 27/12/2023

The operation involved the use of overseas crypto platforms to exchange foreign currency. 74 suspects were arrested and their electronic devices and bank cards seized.

Enforcement

China Launches Probe into CDB for Suspected Price Manipulation

By Editors | 27/12/2023

NAFMII said it has information indicating China Development Bank improperly influenced market prices in its bond issuance and money market businesses.

Enforcement

FSA Japan Issues Orders Against Major Insurers for Price-Fixing

By Editors | 27/12/2023

The insurers coordinated with each other when negotiating contracts with corporate customers on insurance premiums, affecting more than 570 policyholders.

AML / KYC

Wirecard Investors File Lawsuit Against EY in Munich

By Nithya Subramanian | 27/12/2023

The group of investors alleged that EY did not ensure accuracy of accounts and claimed EURO 700 million as damages.

Enforcement

India Competition Commission Proposes New Penalty Computation Rules

By Ajoy K Das | 27/12/2023

The CCI says indirect taxes, trade discounts and intra-group sales will be excluded from turnover when calculating penalties for competition law violations.

Enforcement

Korea Fines BNP Paribas, HSBC $20.4m for Illegal Short Selling

By Editors | 26/12/2023

The FSC said the naked short-selling transactions lasted for months and were thus were “viewed as not inadvertent but intentional.”

Enforcement

Singapore Announces Criminal Charges Over DPRK Gasoil Sales

By Editors | 26/12/2023

Defendants are accused of shipping gasoil to North Korea in violation of UN sanctions via the MT Courageous, an oil tanker seized by the US in 2021.

Enforcement

India’s NFRA Detects Deficiencies in Big Four Audit Processes

By Ajoy K Das | 26/12/2023

The National Financial Reporting Authority published inspection reports of BSR & Co, Deloitte Haskins & Sells, SRBC & Co and Price Waterhouse Chartered Accountants.

Enforcement

Insurer Settles with OFAC after Issuing Policies to Sanctioned Russian’s Company

By Editors | 23/12/2023

US-based Privilege Underwriters Reciprocal Exchange agreed to pay USD 466,000 over policy written for Panamanian company owned by sanctioned oligarch Viktor Vekselberg.