Enforcement

Crypto / Digital Assets

US Authorities Secure Guilty Plea from Crypto Founder

By Editors | 07/12/2023

Anatoly Legkodymov pleaded guilty to operating Hong Kong-registered Bitzlato as a money transmitting business that allowed criminals to launder illicit proceeds.

Enforcement

ASIC Fines Instinet Over ‘Set and Forget’ Compliance Culture

By Sanday Chongo Kabange | 07/12/2023

ASIC said Nomura subsidiary Instinet failed to provide clients with all necessary information about the operation of its crossing system.

Enforcement

Korea FSS Prepares for Fallout from Derivatives Losses

By Editors | 07/12/2023

Banks and brokers are expected to have to compensate investors for losses on HSCEI-linked derivatives when the products mature next year.

Uncategorised

HK SFC Adds Two New Suspicious VATPs on Alert List

By Sanday Chongo Kabange | 07/12/2023

The SFC has warned the public to be wary of two suspicious VATPs – HongKongDAO and BitCuped – and asked the police to block them.

AML / KYC

Canada’s FINTRAC Fines RBC for STR Filing Failures

By Editors | 06/12/2023

RBC failed to submit STRs in some cases, submitted some STRs incorrectly, and did not keep written policies and procedures up-to-date.

Enforcement

India: NFRA Has Overriding Powers Over ICAI, Tribunal Rules

By Ajoy K Das | 06/12/2023

The NCLAT also clarified that NFRA has retrospective jurisdiction to investigate and take necessary action if required even for periods prior to its creation in 2018.

Enforcement

FSC Korea Sanctions NH Futures Over Illegal FX Transactions

By Sanday Chongo Kabange | 06/12/2023

The FSC has suspended NH Futures’ foreign exchange operations from 4 December 2023 to 9 May 2024.

Securities / Derivatives

Korean Law Firms File Complaint Against HSBC, BNP Paribas – Report

By Editors | 06/12/2023

The complaint calls on Seoul prosecutors to swiftly investigate the banks’ short-selling practices in cooperation with the FSS and Hong Kong authorities.

AML / KYC

Banque Pictet to Pay $123m to Settle US Tax Evasion Case

By Editors | 06/12/2023

Banque Pictet helped US taxpayers to use coded accounts, foreign trusts and entities, nominee beneficiaries and other “deceits” to conceal their income and assets abroad.