Enforcement

Enforcement

SFC Bans Former Dah Sing Bank Representative for Life

By Editors | 28/02/2023

The former relationship manager convinced an elderly customer to redeem an investment and then used the proceeds to repay his own debts.

Enforcement

New York AG Files Suit Against Crypto Exchange CoinEx

By Editors | 28/02/2023

CoinEx falsely represented itself as being an exchange and did not register as a securities and commodities broker-dealer.

Enforcement

US SEC Penalises SPAC for Allowing Embezzlement by CFO

By Editors | 27/02/2023

A lack of internal controls and oversight allowed the SPAC’s CFO to misappropriate cash and falsify financial reports for over a year.

Crypto / Digital Assets

US Prosecutors Unveil More Charges Against FTX Founder

By Editors | 26/02/2023

The additional charges allege that Sam Bankman-Fried conspired to commit bank fraud and to make more than 300 illegal political donations.

Crypto / Digital Assets

US Indicts Russian Actors Over Crypto Pyramid and Ponzi Scheme

By Editors | 24/02/2023

The charges include one count of conspiracy to commit wire fraud for each of the four defendants, who were among the 11 charged by the SEC last year.

Enforcement

MAS Seeks to Ramp Up Hiring for Enforcement Department

By Editors | 24/02/2023

MAS is also looking into creating a new ombudsman, a market conduct tribunal, a procedure for class-action lawsuits, and an investor compensation scheme.

Crypto / Digital Assets

Regulatory Scrutiny Causing Seismic Shifts in Stablecoin Market

By Sam Chen | 24/02/2023

Since the NYDFS ordered Paxos to stop minting BUSD, the world’s third-largest stablecoin, its market cap has shrunk by over $4bn.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Cash Converters

By Editors | 22/02/2023

The personal finance company’s AML/CTF programme was not properly implemented and did not include sufficient details on transaction monitoring and CDD.

Enforcement

Wells Fargo, HSBC Drawn into SEC Whatsapp Probe

By Editors | 22/02/2023

Wells Fargo said regulators are investigating its compliance with records-retention requirements. HSBC said it is close to a settlement with regulators.