Enforcement

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    AML / KYC

    UK Tables Amendment to Introduce ‘Failure to Prevent Fraud’ Offence

    By Editors | 13/04/2023

    Prosecutors will be able to hold large companies to account if they do not have reasonable measures in place to prevent fraud by an employee.

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    Enforcement

    SFC Fines Ninety One HK Unit for Unlicensed Futures Dealing

    By Editors | 12/04/2023

    Ninety One did not have a Type 2 (dealing in futures contracts) licence, believing it could rely on SFO exemptions to deal in futures contracts.

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    Enforcement

    CFTC Fines Goldman Sachs for Swaps Conduct Failures

    By Editors | 12/04/2023

    The CFTC said Goldman touted supposed benefits of same-day swap transactions to clients, but not the corresponding costs.

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    Crypto / Digital Assets

    China Fines Crypto Miner Bitmain for Tax Violations

    By Manesh Samtani | 12/04/2023

    Bitmain’s Beijing unit failed to withhold and pay personal income tax on employees’ salaries and other benefits totalling CNY 16.6 million.

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    Enforcement

    Korean Authorities Investigate Kakao for Market Manipulation

    By Editors | 11/04/2023

    The FSS is investigating whether Kakao manipulated the stock price of K-pop agency SM Entertainment.

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    Crypto / Digital Assets

    New FTX Report Reveals Extent of Control Failures

    By Manesh Samtani | 11/04/2023

    FTX stored private keys in plain text documents without encryption on an FTX group server that was accessible by staff.

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    Enforcement

    Korea Arrests More Coinone Employees Over Bribery Allegations

    By Editors | 11/04/2023

    The employees are accused of engaging in bribery conduct to list digital assets on Coinone’s platform.

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    Enforcement

    US State Regulators Fine Robinhood for Causing Investor Harm

    By Editors | 11/04/2023

    Robinhood disseminated inaccurate information to customers and did not have a reasonably designed customer identification programme, among other failures.

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    AML / KYC

    UK FCA Outlines Next One Year of Work to Improve Markets

    By Editors | 11/04/2023

    The FCA will propose reforms to the listing regime, consult on the introduction of consolidated tapes, and strengthen its authorisation and assessment processes.

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    Fintech / Regtech

    ACCC Warns of Penalties for Poor Quality Open Banking Data

    By Editors | 10/04/2023

    Enforcement efforts will be focused on issues involving the quality of product reference data such as incorrect interest rates and missing data.

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