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Enforcement
ASIC Finds Product Governance Shortfalls by Small Credit Lenders
By Editors | 14/12/2022
TMDs issued by payday lenders and consumer leasing companies lacked detail in the descriptions of their products and target markets. Review triggers were also set too broadly.
Enforcement
UK FCA Fines Metro Bank for Incorrect RWA Disclosure
By Sanday Chongo Kabange | 14/12/2022
The bank published incorrect information concerning its risk-weighted assets and did not disclose the error to investors despite knowing it was wrong.
AML / KYC
Wirecard Trial Begins With Defendants Blaming Each Other
By Mark Johnston | 14/12/2022
Former CEO Markus Braun and his co-defendants face up to 15 years in jail, though a verdict is not expected until at least 2024.
AML / KYC
FTX Founder Arrested, Charged by SEC, SDNY, CFTC
By Sanday Chongo Kabange | 14/12/2022
US authorities have charged Sam Bankman-Fried for defrauding customers, investors, lenders, and campaign finance violations.
AML / KYC
UK Police Arrest Chinese Tycoon on US Bribery Charges
By Editors | 14/12/2022
The co-chairman of Chinese real estate firm Guangzhou R&F Properties is accused of paying bribes to San Francisco authorities from 2015 through 2020.
Enforcement
US Court Convicts Another JPM Trader on Spoofing Charges
By Editors | 13/12/2022
Former precious metals trader faces up to 30 years in prison for placing deceptive orders intended in COMEX gold and silver futures.
AML / KYC
UK FCA Fines Santander for “Persistent Gaps” in AML Controls
By Editors | 13/12/2022
The FCA said Santander did not manage business banking accounts correctly and did not promptly deal with automated monitoring alerts.
Enforcement
UK Court Convicts Three for Defrauding Libyan Sovereign Fund
By Mark Johnston | 13/12/2022
The fund managers structured investments in a way that generated finder fees that they funnelled through offshore shell companies, causing around $46mn to Libya.
AML / KYC
ASIC Commences Proceedings Against Star Entertainment Execs
By Editors | 13/12/2022
ASIC says Star board members and key executives breached their duties by failing to address known money laundering risks.
AML / KYC
Chinese Police Arrest 63 Members of Crypto Money Laundering Gang
By Editors | 13/12/2022
The gang is estimated to have laundered up to CNY 12 billion for both domestic and foreign criminal groups using cryptocurrency.
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