ENFORCEMENT

Crypto / Digital Assets

Myanmar to Ban Crypto Under New Cybersecurity Law

By Sanday Chongo Kabange | 28/01/2022

Under the proposed law, using cryptocurrency may lead to imprisonment of 6-12 months in prison or fines up to USD 2800.

AML / KYC

HK ICAC Charges Three Ex-StanChart Employees For Fraud

By Editors | 27/01/2022

The former relationship managers were among five individuals indicted for conspiring to deceive Japanese investors with false documents.

AML / KYC

Faster Transactions Impeding Scam Loss Recoveries: HK Police

By Sanday Chongo Kabange | 27/01/2022

Online banking, electronic payment services and cryptocurrency wallets have made it more difficult to recover scam proceeds.

Enforcement

BSP Calls for Passage of New Financial Consumer Protection Act

By Mark Johnston | 24/01/2022

The Act establishes stronger protection standards for consumers, promotes transparent and responsible pricing, and give regulators more teeth.

AML / KYC

AUSTRAC Expands AML Probe of Star Casino Group to ‘Other Entities’

By Sanday Chongo Kabange | 21/01/2022

AUSTRAC has advised Star that it has not yet made a decision regarding its regulatory response, including whether or not enforcement action will be taken.

AML / KYC

Malaysia Receives KPMG Payment to Settle 1MDB Claims

By Editors | 21/01/2022

The 1MDB funds recovered so far are only enough to pay off the principal owed for 2022. The remaining debt will continue to be bourne by the government.

AML / KYC

MAS Fines Vistra Trust for Failures in AML Controls

By Editors | 20/01/2022

Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.

AML / KYC

SFC Fines Zhonghui International Futures for KYC/AML Failures

By Manesh Samtani | 20/01/2022

This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.

Enforcement

Statewide Superannuation Fined for Overcharging, Misleading Members

By Sanday Chongo Kabange | 19/01/2022

Statewide also reported its breaches to ASIC some 45 days late. The firm is required to undertake a remediation programme and engage an independent expert for review.