Enforcement

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    Fintech / Regtech

    HKMA Asks Banks to Participate in New Data Sharing Initiative

    By Editors | 15/08/2023

    The Interbank Account Data Sharing Initiative will enable banks to share bank account data with other banks, subject to customer consent.

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    AML / KYC

    Ex-FBI Agent Admits He Worked for Sanctioned Russian Oligarch

    By Editors | 15/08/2023

    Charles McGonigal, one of the highest-ranking FBI agents to ever face criminal charges, entered a guilty plea on Tuesday in New York.

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