ENFORCEMENT

Enforcement

ASIC Files Suit Against Finder Wallet Over Crypto-related Product

By Sanday Chongo Kabange | 20/12/2022

Finder Wallet offered a crypto-related product that paid customers a return for use of their funds, like a debenture, ASIC says.

Enforcement

Former German Tax Inspector Jailed Over Cum-Ex Tax Fraud

By Mark Johnston | 20/12/2022

Hanno Berger, considered a Cum-Ex mastermind, was sentenced to eight years in jail and ordered to repay EUR 13.7 million.

AML / KYC

Weak Environmental Crimes Law a Risk to Investors

By ESG Investor | 19/12/2022

European Council’s position on the revised Environmental Crime Directive will damage portfolios as well as the environment, says WWF.

Fintech / Regtech

ACCC Fines ING for Breaching CDR Rules, Refuses iSignthis Accreditation

By Editors | 18/12/2022

The ACCC said ING Bank was not capable of receiving consumer data requests from accredited data recipients within the required timelines.

Enforcement

ASIC Takes First DDO Court Action Against Distributor

By Editors | 18/12/2022

The distributor cross-sold a non-guaranteed managed investment scheme to the same customers that bought guaranteed term deposits.

AML / KYC

NZ FMA Issues AML Warning Against Private Equity Firm

By Editors | 18/12/2022

The FMA said Pencarrow Private Equity failed to retain and make readily accessible identity and verification records for customers.

Enforcement

US SEC, DOJ Charge Social Media Influencers for Securities Fraud

By Mark Johnston | 18/12/2022

Eight individuals are accused of engaging in a conspiracy to commit securities fraud through a social media-based “pump and dump” scheme.

AML / KYC

Danske Bank to Pay $2bn to Resolve DOJ, SEC Probes

By Sanday Chongo Kabange | 15/12/2022

Danske Bank admitted to allowing high-risk non-resident customers from other countries including Russia to use its Estonia branch to access US banks.

Enforcement

Singapore Jails Man for Exporting Beverages to North Korea

By Editors | 14/12/2022

The man, while working as a manager for Pokka International, sold beverages he knew would later be exported to North Korea for commercial trade.