Enforcement

AML / KYC

AUSTRAC Commences Court Proceedings Against Star Casinos

By Manesh Samtani | 01/12/2022

Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of “an innumerable number” of other breaches.

Enforcement

Australian Court Dismisses ASIC Proceedings for CBA Overcharging

By Editors | 30/11/2022

CBA’s terms and conditions acknowledged that sometimes the bank ‘can get things wrong, and when this happens’ it is ‘determined to make them right again’.

AML / KYC

EU to Gain Legal Authority to Punish Sanctions Circumvention

By Editors | 30/11/2022

The move will make it easier for EU authorities to take action against anyone who helps Russia avoid its sanctions.

AML / KYC

OFAC Fines Crypto Firm Kraken for Iran Sanctions Violations

By Editors | 30/11/2022

Kraken was facing a maximum fine of over $272mn. The $362,000 settlement reflects OFAC’s determination the violations were “non-egregious and voluntarily self-disclosed”.

Enforcement

Australia Passes Bill Raising Penalties for Privacy Violations

By Manesh Samtani | 29/11/2022

The legislation also amends the extraterritorial jurisdiction of the Privacy Act to bring into scope foreign firms conducting business in Australia.

Enforcement

APRA to Intensify Industry Scrutiny Following Medibank Hack

By Sanday Chongo Kabange | 29/11/2022

APRA to intensify supervision of all entities not meeting CPS 234. Medibank executive pay could be impacted.

AML / KYC

Singapore Police Launch Probe into Crypto Lender Hodlnaut

By Editors | 29/11/2022

The police said they received multiple reports between August and November 2022 alleging false representations by that Hodlnaut and/or its directors.

AML / KYC

DOJ Charges Two for Fraud Involving Fake Crypto Mining Operation

By Editors | 28/11/2022

Two Estonians induced victims to enter into “fraudulent equipment rental contracts” and to invest in a fake digital currency bank.

Crypto / Digital Assets

INTERPOL Operation Sees $129m in Crypto Assets Seized

By Editors | 25/11/2022

Operation Haechi III resulted in the arrest of 975 individuals and allowed investigators to resolve more than 1,600 fraud and scam cases.