Enforcement

Enforcement

Singapore Imposes Record 19-Year Jail Term on Former Lawyer

By Editors | 18/07/2023

The case involves the misappropriation of S$76mn in clients’ funds over three years by the former lawyer, previously the managing partner of JLC Advisors LLP.

Enforcement

Australia: Big 4 Accused of Operating ‘Beyond the Law’

By Editors | 18/07/2023

Former KPMG partner Brendan Lyon called for changes in how the accounting profession is regulated to restore public trust and ensure integrity in financial reporting.

Enforcement

CSRC Fines GF Securities for Poor Due Diligence in Stock Sale

By Editors | 18/07/2023

GF Securities received an advance notice of administrative penalties from the CSRC connected to a 2018 share issuance by Misho Ecology & Landscape.

AML / KYC

EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures

By Editors | 18/07/2023

The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.

AML / KYC

Singapore Shaken by Rare Corruption Probe

By Editors | 17/07/2023

A government minister and a prominent property tycoon were arrested and released on bail last week.

Enforcement

US FTC Probes OpenAI’s ChatGPT Over Consumer Protection Concerns

By Editors | 17/07/2023

A key focus of the investigation is the possibility of ChatGPT generating false, misleading, or disparaging statements about real individuals.

AML / KYC

BSEC Chairman Under Scrutiny for Links to International Fraud

By Manesh Samtani | 17/07/2023

BSEC chairman Shibli Rubayat ul Islam allegedly received $800,000 in payments from accounts linked to a $13mn fraud against Hong Kong-based Ming Global.

Crypto / Digital Assets

US Probe Prompts Staff and Executive Departures at Binance – Reports

By Editors | 17/07/2023

Over 1,000 employees have reportedly been laid off in recent weeks. A number of key senior executives have also departed.

Enforcement

China Extends Bond Business Regulation to ‘Practice Quality’

By Jill Wong | 17/07/2023

CSRC extended its measures for the evaluation of securities companies’ corporate bond business to cover practice quality and a strengthening of the evaluation index system.