ENFORCEMENT

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    Enforcement

    SFC Fines Fund Manager for Failing to Segregate Client Funds

    By Sanday Chongo Kabange | 14/07/2023

    The fund manager also issued inaccurate statements of accounts and failed to provide statements of accounts to clients within the prescribed time limit.

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    AML / KYC

    Malaysia Arrests Former 1MDB Legal Counsel

    By Editors | 14/07/2023

    Jasmine Loo fled Malaysia in 2018 but is now willing to cooperate with Malaysian authorities on investigations.

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    Enforcement

    UK FCA Fines Bastion Capital Over Cum-Ex Trades

    By Mark Johnston | 13/07/2023

    The UK FCA imposed a GBP 2.45 million fine on a former broker that executed over GBP 70 billion worth of fraudulent trades.

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    Enforcement

    FFC Asia 2023: HKMA Says Information Sharing Key to Fighting Fraud

    By Karen Ng | 13/07/2023

    HKMA says information sharing among banks will be key to tackling the new challenges in the fraud and financial crime landscape.

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    AML / KYC

    SEC Settles Charges Against Merrill Lynch for Failing to File SARs

    By Editors | 13/07/2023

    Merrill Lynch did not file hundreds of mandatory SARs because it erroneously used a $25,000 threshold instead of the required $5,000 threshold.

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    Crypto / Digital Assets

    Woori Bank Caught Up in Crypto-related Embezzlement Scandal

    By Sanday Chongo Kabange | 13/07/2023

    On of Woori Bank’s employees embezzled about KRW 90 million and used it for personal investments in crypto.

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    Enforcement

    Terra Co-Founder Daniel Shin Faces First Terra Hearing in Korea

    By Mark Johnston | 13/07/2023

    Daniel Shin and seven other Terra staff are accused of violating capital markets laws, making false representations, and causing the de-pegging of TerraUSD.

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    Crypto / Digital Assets

    Korea Prosecutors to Form New Unit Dedicated to Crypto Crime

    By Sanday Chongo Kabange | 12/07/2023

    The new Virtual Asset Joint Investigation Unit will launch by the end of the month and focus on investigating crypto-related crime including fraud.

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    Securities / Derivatives

    Hong Kong SFC Bans Former RaffAello Officer over IPO Sponsor Failures

    By Ranamita Chakraborty | 12/07/2023

    The Securities and Futures Commission (SFC) found that a former responsible officer and sponsor principal at a financial advisory firm had “failed to exercise due skill, care and diligence” in handling a listing application.

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    AML / KYC

    Australia: Crown Casinos Ordered to Pay Record Breaking Penalty

    By Editors | 12/07/2023

    Crown will pay A$125mn now, A$125mn within a year, and the remaining A$200mn within two years for AML/CTF breaches.

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