ENFORCEMENT

AML / KYC

US Court Orders BitMEX Co-Founders to Pay $30m in Fines

By Editors | 08/05/2022

The orders follow the CFTC’s $100mn settlement with five BitMEX entities last year over violations of US derivatives and AML regulations.

Enforcement

PBOC, CBIRC Probe Rural Banks Over Service Disruptions

By Editors | 08/05/2022

Customers of multiple rural banks complained that banking service disruptions have prevented them from withdrawing their money.

Enforcement

CBIRC Warns Three FIs Over Complaints Handling Violations

By Editors | 07/05/2022

ICBC, China Everbright Bank and China Post Life Insurance violated the CBIRC’s rules for handling customer complaints and reporting complaints data.

Enforcement

Two Convicted in Singapore’s Largest-ever Market Manipulation Case

By Editors | 06/05/2022

Two individuals were convicted on 349 charges for controlling and using 187 trading accounts to manipulate three penny stocks before they collapsed in October 2013.

Enforcement

Australian Court Penalises RI Advice Over Cybersecurity Failures

By Editors | 06/05/2022

The ruling is the first of its kind in Australia, and follows cyber incidents that occurred at authorised representatives of RI Advice between 2014 and 2020.

Enforcement

Technology and Regulations Clash: Apple Vs EU Antitrust Law

By Peter Guy | 05/05/2022

European Commission has not shown cause for anti-trust allegations as consumers strongly support Apple payment technology, writes Peter Guy.

Enforcement

US SEC Expands Enforcement Unit Dedicated to Crypto, Cyber

By Editors | 05/05/2022

The additional resources will be used to prioritise investigations related to crypto asset offerings, exchanges, lending and staking products, as well as DeFi platforms, NFTs and stablecoins.

AML / KYC

BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers

By Editors | 04/05/2022

The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.

AML / KYC

NAB Enters Undertaking to Uplift AML/CTF Compliance

By Editors | 04/05/2022

NAB’s action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.