ENFORCEMENT

AML / KYC

Hong Kong Police Bust SIM Card Fraud Ring Linked to Triads

By Mark Johnston | 16/04/2023

The suspects registered SIM cards with fake IDs and sold them to scammers who created social media accounts to lure victims.

Enforcement

Japan FTC Cautions Mizuho Securities Over IPO Price-setting

By Editors | 16/04/2023

Mizuho Securities, as lead underwriter, set the issue prices of two companies lower than the companies were seeking. Both more than doubled in value on their IPO.

AML / KYC

US Sentences Man Who Stole Bitcoin from Silk Road to Prison

By Mark Johnston | 15/04/2023

The DOJ said James Zhong executed a scheme to trick Silk Road’s withdrawal system and steal 50,000 Bitcoin in 2012.

Enforcement

Former TSB Executive Fines Over 2018 IT Migration Failure

By Editors | 14/04/2023

TSB Bank’s chief information officer was fined for his management of a key outsourcing relationship fell below expected standards.

Enforcement

ATO to Compel Banks to Hand Over Landlord Data in Tax Probe

By Editors | 13/04/2023

The Australian Taxation Office is seeking to identify individuals who are failing to meet their tax obligations on residential investment properties.

AML / KYC

UK Tables Amendment to Introduce ‘Failure to Prevent Fraud’ Offence

By Editors | 13/04/2023

Prosecutors will be able to hold large companies to account if they do not have reasonable measures in place to prevent fraud by an employee.

Enforcement

SFC Fines Ninety One HK Unit for Unlicensed Futures Dealing

By Editors | 12/04/2023

Ninety One did not have a Type 2 (dealing in futures contracts) licence, believing it could rely on SFO exemptions to deal in futures contracts.

Enforcement

CFTC Fines Goldman Sachs for Swaps Conduct Failures

By Editors | 12/04/2023

The CFTC said Goldman touted supposed benefits of same-day swap transactions to clients, but not the corresponding costs.

Crypto / Digital Assets

China Fines Crypto Miner Bitmain for Tax Violations

By Manesh Samtani | 12/04/2023

Bitmain’s Beijing unit failed to withhold and pay personal income tax on employees’ salaries and other benefits totalling CNY 16.6 million.