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AML / KYC
US SEC Fines Wells Fargo Advisors $7m for AML Failures
By Editors | 24/05/2022
Wells Fargo Advisors was fined for failing to timely file 34 SARs. This is the second BSA action against the firm in the last five years.
Enforcement
US SEC Probes Use of Text Messaging by Major Banks
By Editors | 23/05/2022
The probe is reportedly aimed at gauging how pervasive the use of unauthorised messaging platforms is for business-related messages.
Enforcement
MAS Charges Two Insurance Agents for Falsifying Documents
By Editors | 23/05/2022
Two insurance agents of Prudential Assurance Company Singapore provided false information to MAS in relation to an investigation it was pursuing.
AML / KYC
Fugitive Former Banker from Bangladesh Arrested in India
By Editors | 22/05/2022
PK Halder has been on the run since 2019 after allegedly defrauding multiple NBFIs in Bangladesh of more than $280,000.
Enforcement
Korea: Shinhan Bank Discovers Embezzlement by Employee
By Editors | 22/05/2022
Days earlier a Woori Bank employee was arrested for embezzling KRW 61.4 billion between 2012 and 2018.
AML / KYC
US Federal Court Declares Crypto Subject to Sanctions Laws
By Mark Johnston | 20/05/2022
A newly unsealed federal court opinion supports the DOJ’s first criminal prosecution involving the use of crypto for sanctions evasion.
Enforcement
RBNZ Finalises Guidelines on Enforcement Principles and Criteria
By Editors | 19/05/2022
The enforcement principles guide RBNZ’s investigation and enforcement strategy. The enforcement criteria help determine the appropriate enforcement response to non-compliance.
Enforcement
HK ICAC Charges Ex-Sunway Employee for Money Laundering
By Editors | 19/05/2022
A former personal assistant helped his boss to launder HKD 125 million borrowed from listed company Sunway International Holdings.
Enforcement
ASIC Sets Out Expectations on Cyber Risk Management
By Mark Johnston | 19/05/2022
The guidance follows Australia’s first Federal Court judgment ruling that an AFS licensee breached its obligations on managing cyber risk.
AML / KYC
Philippines Passes Law to Enhance Financial Consumer Protections
By Sanday Chongo Kabange | 19/05/2022
The law grants regulators enhanced powers to address fraud and consumer complaints in a more timely manner.
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