ENFORCEMENT

AML / KYC

Bangladesh’s Sonali Bank Freezes Accounts of Myanmar State Banks

By Editors | 18/08/2023

The move was made in response to direct requests from US authorities, who sanctioned two of Myanmar’s state-owned banks in June.

Enforcement

RBA Drops Plan to Ban Default Routing on Debit Cards

By Ranamita Chakraborty | 18/08/2023

A recent public consultation raised concerns that the ban could lead to unsuccessful transactions and necessitate the expensive reissuing of all debit cards.

AML / KYC

Taiwan Sentences Corrupt Official to 8 Years in Prison

By Editors | 18/08/2023

The official committed property fraud, document forgery, money laundering, and accepted bribes in the form of cash, banquets and sexual entertainment.

Enforcement

ATO Has Stopped A$2.7b in Fraudulent GST Claims

By Editors | 17/08/2023

Fraudulent GST claims have led to more than 100 arrests, 10 convictions, and compliance actions taken against as many as 56,000 people.

AML / KYC

Ex-Sembcorp Marine Exec Charged in Singapore for Corruption Offences

By Editors | 17/08/2023

The former executive obtained or attempted to obtain bribes totalling more than SGD 202,000 over six years, the CPIB said.

AML / KYC

Korea to Crack Down on Financial Crime Involving Capital Markets

By Editors | 16/08/2023

The FSS and National Office of Investigation have signed an MoU to strengthen cooperation on illegal activities in the capital market.

AML / KYC

Singapore Police Arrests 10 Foreigners for Forgery, Money Laundering

By Manesh Samtani | 16/08/2023

The suspects were involved in laundering proceeds from organised crime activities. MAS is scrutinising FIs where tainted funds were found.

ESG / Sustainability

US SEC Scrutinising ESG Marketing by Fund Managers – Report

By Sanday Chongo Kabange | 16/08/2023

The SEC’s enforcement division sent document requests to several asset managers seeking information about their ESG strategies and marketing prepositions.

Enforcement

Hong Kong IA Bans Ex-StanChart Agent for Six Months

By Editors | 16/08/2023

The agent doctored a DDA form because the client’s signature was missing on one page. The SFC previously disciplined the same individual.