Enforcement

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    AML / KYC

    Third Man Jailed in Singapore’s Billion Dollar Money Laundering Case

    By Nithya Subramanian | 17/04/2024

    Chinese national Wang Baosen jailed for 13 months and required to forfeit over S$8mn in assets as part of his plea deal.

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    AML / KYC

    Australian Senator Calls on AUSTRAC to Investigate TikTok

    By Nithya Subramanian | 17/04/2024

    TikTok’s platform was allegedly used to transfer money to accounts suspected of being linked to terrorist groups.

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    Enforcement

    No Criminal Misconduct Found in EY’s Wirecard Audits

    By Editors | 17/04/2024

    EY could have faced unlimited liability for claims of damages from Wirecard’s administrator and former shareholders if criminal misconduct was found.

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    AML / KYC

    Multiple US Regulators Probing Morgan Stanley’s Wealth Arm – Report

    By Nithya Subramanian | 16/04/2024

    US regulators are assessing whether the bank has sufficiently investigated the identities of clients and their sources of wealth.

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