ENFORCEMENT

Enforcement

OFAC Penalises 3M and Emigrant Bank for Iran Sanctions Violations

By Editors | 24/09/2023

3M agreed to pay $9.6mn for shipments destined for a customer in Iran. Emigrant Bank agreed to pay about $32,000 for processing transactions for two Iranian residents.

Enforcement

SEC Fines Goldman for Submitting Inaccurate Securities Trading Data

By Sanday Chongo Kabange | 24/09/2023

Goldman Sachs has agreed to USD 6 million for submitting deficient submissions that included missing or inaccurate trade data for at least 163 million transactions.

Enforcement

FSS Korea Issues Warning Against Fisheries Cooperatives Federation

By Sanday Chongo Kabange | 24/09/2023

The FSS management cautions and improvement requests to the National Federation of Fisheries Cooperatives for a failed overseas investment.

Enforcement

China Unveils New Five-Year Plan to Combat Corruption

By Editors | 24/09/2023

The plan aims to target sectors including finance and state-owned enterprises. A separate anti-corruption law will be introduced within five years.

Enforcement

Australia Court Fines NAB $1.3m for Overcharging Customers

By Sanday Chongo Kabange | 23/09/2023

The penalty was the maximum allowed by legislation that existed at the time of the contravening conduct. The court said a penalty “several times” higher would have been more appropriate.

AML / KYC

Assets Involved in Singapore Money Laundering Case Reach S$2.4 Billion

By Editors | 22/09/2023

Singapore police say the assets involved in the case now involve S$2.4bn, which is more than twice the amount initially reported in August.

Enforcement

Korea Strengthens Measures for Combatting Unfair Trading

By Mark Johnston | 22/09/2023

The FSC and FSS plan to freeze accounts suspected of unfair trading, and increase the increase rewards for reporting unfair trading.

Crypto / Digital Assets

SFC Confirms Crypto Firm JPEX Never Approached it About Licensing

By Sanday Chongo Kabange | 22/09/2023

JPEX breached the SFO and AMLO by publishing confidential correspondence with the SFC. Three more arrests have been made.

Enforcement

ASIC Fines Interactive Brokers Over Client’s Suspicious Trading

By Sanday Chongo Kabange | 21/09/2023

ASIC said the firm was ‘negligent’ in its failure to identify suspicious trading by a client and ‘reckless’ in continuing to allow further suspicious trading after ASIC raised concerns.