Enforcement

Enforcement

RBI Imposes Business Restrictions on Kotak Mahindra Bank

By Ajoy K Das | 25/04/2024

The bank is prohibited from onboarding new customers and issuing fresh credit cards due to long-standing IT risk management deficiencies.

Enforcement

Taiwan FSC Penalises Shin Kong Financial Holding and Subsidiary

By Mark Johnston | 25/04/2024

Shin Kong Life Insurance’s capital adequacy ratios fell below the required minimum. Its capital increase plan lacked specificity and timelines.

Enforcement

Indian NBFC Detects Vehicle Loan Fraud Worth $18m

By Ajoy K Das | 25/04/2024

The fraud involved forgery of KYC documents related to retail vehicle loans, resulting in company funds being embezzled.

Securities / Derivatives

SEBI Finds Violations by Offshore Funds Invested in Adani Group

By Ajoy K Das | 24/04/2024

12 offshore funds violated disclosure rules and breached investment limits. Eight of these funds are trying to settle with SEBI.

Enforcement

South Australia Proposes Higher Penalties for Casino Misconduct

By Nithya Subramanian | 24/04/2024

The proposed laws are expected to ensure a greater level of accountability and responsibility, and result in heftier fines for SkyCity.

AML / KYC

Commerzbank Fined in Germany for AML Violations

By Mark Johnston | 24/04/2024

BaFin said Commerzbank was slow to update customer data and inadequately applied enhanced due diligence requirements.

Crypto / Digital Assets

HK Customs Busts $230m Crypto Money Laundering Scheme

By Mark Johnston | 23/04/2024

Three suspects were arrested for orchestrating over 1,000 dubious transactions through 18 bank accounts linked to shell companies.

Enforcement

Bankman-Fried to Help Investors Pursue Celebrities Who Endorsed FTX

By Nithya Subramanian | 23/04/2024

Sam Bankman-Fried has agreed to help a group of investors pursue civil claims against celebrity endorsers of FTX, potentially freeing himself from civil liability.

Enforcement

MAS Issues 12yr Ban Against Former Manulife Agent

By Nithya Subramanian | 23/04/2024

The former agent was convicted last August for deceiving 25 victims to transfer more than S$1.2mn for fictitious investments.