Enforcement

AML / KYC

1MDB: Ex-Goldman Banker Sentenced to 10 Years in Prison

By Editors | 10/03/2023

Prosecutors had sought a 15 year sentence for Roger Ng, saying he was a central player in the “brazen and audacious scheme” to steal billions of dollars from 1MDB.

AML / KYC

REPO Task Force Has Immobilised $58b of Russian Assets

By Editors | 10/03/2023

The REPO Task Force has released a statement and a joint global advisory to help the private sector spot and prevent sanctions evasion.

Securities / Derivatives

SFC Fines City International Futures for AML Compliance Failures

By Editors | 10/03/2023

City International Futures is the 6th firm to be fined over the use of software that allows Mainland investors to trade without opening a local securities account in Hong Kong.

Enforcement

HK Issues Record Fine Against Unlicensed Money Service Business

By Editors | 09/03/2023

A Hong Kong money changer and two directors were fined for operating a money service business before their licence application was approved.

Crypto / Digital Assets

NYAG Files Lawsuit Against Crypto Platform KuCoin

By Editors | 09/03/2023

In a first by a US authority, the lawsuit claims that Ether is a security, meaning KuCoin was required to register as a securities broker or dealer.

Enforcement

ASIC Issues Stop Orders Against Interactive Brokers’ Securities Lending Product

By Editors | 09/03/2023

ASIC says Interactive Brokers inappropriately included investors in the target market that didn’t align with the features and risks of the product.

AML / KYC

RBI Fines Amazon Pay’s India Unit for Breaching Local Norms

By Editors | 09/03/2023

Local reports say Amazon Pay as well as other fintech players are being penalised for delays in migrating to video-based KYC.

Big Picture

BIS Paper Takes Stock of Individual Accountability Regimes

By Manesh Samtani | 08/03/2023

The paper introduces the concept of the “accountability stack”, which presents a broad range of regulatory instruments and supervisory tools that target individual accountability.

AML / KYC

US SEC Fines Rio Tinto Over Bribery Scheme Involving Guinea Mining Rights

By Manesh Samtani | 08/03/2023

Rio Tinto paid a former classmate of a Guinean government official for helping it secure mining rights. The consultant later attempted to pay $822,000 to the official.