ENFORCEMENT

AML / KYC

Japan Regulator Orders Revolut to Improve AML Controls

By Editors | 06/09/2022

Revolut is required to submit a business improvement plan by 3 October and file quarterly progress reports until implementation is complete.

Fintech / Regtech

India Raids Payment Firms in Digital Lending App Probe

By Editors | 06/09/2022

The Enforcement Directorate said digital loan app providers involved in extortion and harassment of members of the public are controlled and operated by Chinese persons.

Enforcement

Singapore Jails Five Former Remisiers for False Trading

By Editors | 06/09/2022

The five were former remisiers for Phillip Securities, OCBC Securities, DBS Vickers Securities, and Maybank Kim Eng Securities.

AML / KYC

China: Liaoning Officials Probed Following Two Bank Failures

By Editors | 06/09/2022

Among them, two CBIRC officials are accused of failing in their supervisory duties and for accepting bribes in exchange for favours.

Enforcement

Singapore: StanChart RM Charged for Unauthorised Access to Customer Data

By Editors | 06/09/2022

The relationship manager used the computers of other bank staff to access the personal information and transactional history of another StanChart employee.

AML / KYC

US Fed Ends HSBC 2012 Deferred Prosecution Agreement

By Editors | 06/09/2022

HSBC welcomed the decision, saying its employees have worked hard over the last decade to transform the bank’s financial crime risk management capabilities.

Securities / Derivatives

SFC Suspends Rifa Futures Exec Over ‘Xinguanjia’ Trading Software

By Editors | 06/09/2022

In July, Rifa Futures became the fourth firm to be fined over the use of Xinguanjia. The firm’s managing director has now been suspended for 8 months.

Enforcement

Thai SEC Penalises Bitkub CTO for Insider Trading Violations

By Editors | 05/09/2022

Bitkub’s CTO bought the company’s own digital token, KUB Coin, based on inside information about a proposed acquisition by Siam Commercial Bank.

Enforcement

Korean Authorities Arrest 16 Over Illegal FX Transactions

By Editors | 05/09/2022

In some cases, funds were remitted overseas via commercial banks, disguised as payments for trade businesses to exploit the “Kimchi premium”.