ENFORCEMENT

    Capital / Liquidity

    MAS Reprimands Crypto Hedge Fund Three Arrows Capital

    By Editors | 01/07/2022

    MAS said Three Arrows Capital exceeded its allowable AUM and gave the regulator a false representation. The company entered into liquidation this week.

    Enforcement

    US SEC Fines EY for Employee Cheating on CPA Exams

    By Editors | 30/06/2022

    The settlement is largest penalty the SEC has ever imposed against an audit firm, double KPMG’s 2019 penalty.

    Enforcement

    ASIC Wins Appeal Against Payday Lenders Cigno, BHF Solutions

    By Editors | 30/06/2022

    ASIC is now considering using its broader product intervention powers to address consumer detriment in continuing credit contracts.

    Enforcement

    Korea to Launch Investigation Team to Combat Voice Phishing

    By Editors | 30/06/2022

    The plan was announced in response to the death of a small business owner who committed suicide after he was scammed out of more than KRW 160 million.

    Enforcement

    China: More Top Officials Get Roped into Corruption Crackdown

    By Editors | 30/06/2022

    Several PBOC and CBIRC officials have been named in corruption investigations. A former ICBC executive has pleaded guilty on bribery charges.

    AML / KYC

    G7 Nations Announce Ban on Russian Gold Imports

    By Manesh Samtani | 30/06/2022

    The ban has so far been announced by US, UK, Japan, and Canada, while discussions within the EU are still ongoing.

    Enforcement

    Woori Bank, Crypto Exchange Under Probe for Money Laundering

    By Editors | 29/06/2022

    This is the first time that a Korean virtual asset exchange and a bank have been used as channels for money laundering, an official said.

    AML / KYC

    Swiss Criminal Court Convicts Credit Suisse for Money Laundering

    By Editors | 29/06/2022

    The court said Credit Suisse ignored obvious red flags and did not do enough to prevent a crime syndicate from profiting from cocaine trafficking.

    Enforcement

    SFC Fines CES Capital for Fund Management Failures

    By Editors | 28/06/2022

    CES Capital International failed to perform sufficient due diligence and monitoring of the underlying investments of two funds.

    Enforcement

    Korea FSS to Punish Illegal Business Lending by Savings Banks

    By Editors | 27/06/2022

    Restrictions on household loans appear to have caused an increase in loans to businesses from savings banks to fund housing purchases.

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