Enforcement

Crypto / Digital Assets

SFC Issues More Warnings About Suspected Crypto Frauds

By Sanday Chongo Kabange | 05/03/2024

BitForex, which disappeared with users’ funds last month, was added to the alert list, along with suspicious websites impersonating HashKey and OSL.

Enforcement

US Secures $661m Settlement from Swiss Oil Trader for FCPA Violations

By Manesh Samtani | 04/03/2024

Over a nearly a decade, Gunvor Group paid more than $97mn to secure business from Ecuador, generating $384mn in illicit profits.

AML / KYC

China: Amended Law Strengthening Bribery Penalties Takes Effect

By Editors | 04/03/2024

The amended law defines seven “severe” offences related to bribery, specifies higher penalties for such offences, and now also covers private enterprises.

AML / KYC

1,200 Victims Freed from ‘Notorious’ Scam Centre in Myanmar

By Editors | 04/03/2024

Most of the rescued victims are Chinese nationals, who are being taken to an airport in Thailand and flown back to China.

Enforcement

Boeing Fined $51m for Arms Export Control Violations

By Editors | 04/03/2024

Boeing is also required to engage a special compliance officer for at least two years and spend a further $24mn on strengthening its compliance programme.

Enforcement

NY Court Allows Bangladesh Case Against RCBC to Proceed

By Editors | 03/03/2024

Bangladesh Bank’s lawsuit against the Philippines’ RCBC and its senior executives will be allowed to proceed, minus three causes of action.

Enforcement

Japan: Major Insurers Commit to Divesting Cross-Held Shares

By Editors | 03/03/2024

The insurers also imposed disciplinary measures against 132 executives and employees, including pay cuts, over a price-fixing scandal.

Enforcement

FSS Punishment of Hana CEO “Excessive”, Seoul Court Rules

By Editors | 03/03/2024

The Court directed the FSS to adjust the punishment, but ruled that Hana Bank’s six-month suspension for mis-selling risky funds was justified.

Crypto / Digital Assets

SFC Issues Guidance on Disciplinary Process Under Virtual Assets Regime

By Sanday Chongo Kabange | 01/03/2024

The guide describes the SFC’s process for taking disciplinary action, what such action can entail, and who can be subject to such action.