Enforcement

AML / KYC

RBNZ Issues Formal AML/CFT Warning to Citibank

By Sanday Chongo Kabange | 14/12/2023

Citibank NZ failed to pass on the identities of the originators of 64,000 wire transfers between 2017 and 2022.

Enforcement

Crypto Exchange Pays OFAC USD 1.2 Million to Settle Crimea Violations

By Editors | 14/12/2023

US-based CoinList Markets processed 989 transactions on behalf of users in the Crimea region in violation of OFAC sanctions regulations.

Enforcement

SFC Bans Ex Employee of OCBC Wing Hang Bank

By Sanday Chongo Kabange | 13/12/2023

The employee was earlier convicted for offering a colleague a bribe to refer mortgage refinancing clients to an external party.

Enforcement

China NFRA to Apply More Discretion in Penalty Decisions

By Editors | 13/12/2023

The NFRA says it will strictly abide by the principles of legality, proportionality, and due process when handing out penalties to banks and insurers.

AML / KYC

AUSTRAC Announces Regulatory Priorities for 2024

By Editors | 13/12/2023

AUSTRAC will scrutinise the banking, gambling and remittance sectors, as well as crypto firms, payment platforms and non-bank lenders.

Crypto / Digital Assets

NYAG Announces $22m Settlement With Crypto Firm KuCoin

By Editors | 13/12/2023

KuCoin is required to refund more than USD 16.7 million to New York investors and pay more than USD 5.3 million to the state.

Enforcement

HK’s Market Sounding Rules Could Impact Decision-making Dynamics

By Nithya Subramanian | 13/12/2023

Market participants have sought clarity on the definition of non-public information and jurisdiction from Hong Kong’s SFC.

AML / KYC

Korea Seeking Expanded Powers to Freeze Bank Accounts

By Editors | 13/12/2023

Authorities can already freeze accounts linked to voice phishing scams. Prosecutors are looking to expand this to target gambling and drug crime.

Fintech / Regtech

Thailand SEC Unveils 2024-2026 Strategic Plan

By Editors | 12/12/2023

The plan seeks to boost trust in the capital market, promote the sustainable finance and digital asset ecosystems, and enhance supervisory and enforcement processes.