Enforcement

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    Enforcement

    FSC Korea Warns the Consumer Finance Association for Violations

    By Mark Johnston | 23/02/2024

    The FSC has issued a warning to the CFA and its chairman for violating the law and obstructing the FSS inspection.

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    Crypto / Digital Assets

    Cybercrime Group LockBit Has Been Dismantled

    By Manesh Samtani | 21/02/2024

    Law enforcement from ten countries have disrupted the criminal operation of the LockBit ransomware group.

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    Enforcement

    FSS Korea Clarifies Role in Seeking Redress for Investors

    By Editors | 21/02/2024

    FSS responds to calls for a court, rather than the regulator, should prepare compensation plans for investors in loss-making ELS products.

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    Enforcement

    FSS Korea Sanctions Lotte Insurance for Poor Risk Management

    By Mark Johnston | 20/02/2024

    Lotte Insurance is asked to prepare a comprehensive liquidity management plan and strengthen its stress tests for alternative investments.

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    Enforcement

    JPMorgan to Pay $350m in Fines for Trade Surveillance Gaps

    By Mark Johnston | 20/02/2024

    The bank said certain trading and order data was not feeding into its trade surveillance platforms.

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    Enforcement

    CBA Fined A$10.3m for Underpaying Employees

    By Editors | 20/02/2024

    Across Australia, some 7,400 CBA and CommSec employees were underpaid A$16mn from 2015 to 2021.

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    AML / KYC

    Seven Arrested in Hong Kong’s Largest Ever Money Laundering Case

    By Sanday Chongo Kabange | 19/02/2024

    The case involves a total of about HK$14 billion of suspected crime proceeds. HK$185 million in assets has so far been frozen or seized.

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    AML / KYC

    SkyCity Facing NZ Court Proceedings for Alleged AML Failures

    By Sanday Chongo Kabange | 19/02/2024

    The DIA alleges that SkyCity did not meet various obligations required under the AML/CFT Act.

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    Enforcement

    BaFin Warns Deutsche Bank Over Transaction Monitoring Systems

    By Mark Johnston | 19/02/2024

    The mandate of a special monitor appointed in 2018 is being extended until end-October to oversee efforts to enhance the bank’s systems for processing transaction data.

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    AML / KYC

    NatWest to Claw Back Bonuses from Ex-Staff Over 2021 AML Fine

    By Editors | 18/02/2024

    Malus, clawback or reduction notices will be applied to ten individuals who were in role when the failures occurred but have since left NatWest.

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