Enforcement

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.

Enforcement

HK Court Orders Investment Company to Compensate Clients

By Editors | 25/11/2022

The investment firm sold clients’ securities without authorisation, misappropriated the proceeds, and fabricated documents to conceal the transactions.

AML / KYC

AUSTRAC Directs ING Australian Units to Uplift AML/CTF

By Editors | 24/11/2022

Two ING entities are required to improve their AML/CTF programmes, ML/TF risk assessment, IFTI and SMR reporting, and transaction monitoring.

Crypto / Digital Assets

ASIC Commences Proceedings Over Unlicensed Crypto Products

By Editors | 24/11/2022

ASIC said some of Block Earner’s fixed yield earning products should have been licensed as managed investment schemes.