Enforcement

AML / KYC

Authorities Dismantle Russia-Linked Crypto Firm Bitzlato

By Manesh Samtani | 18/01/2023

Bitzlato facilitated $700mn in crypto transfers for Hydra users and received more than $15mn in ransomware proceeds.

AML / KYC

HK Customs “Smashes” Syndicate That Laundered HK$6b

By Editors | 18/01/2023

A money laundering operation centre was being run from an apartment at a large private housing estate. The syndicate was “successfully smashed”.

Enforcement

Korea: Tougher Penalties for Unfair Trading Expected Within H1

By Editors | 18/01/2023

Those engaged in unfair trading activities would face either a prison sentence of at least one year or a fine of between three and five times profits.

Enforcement

New Zealand: Cigna to Pay Biggest-ever Penalty in FMA Case

By Editors | 18/01/2023

Cigna increased premiums and cover for customers without being clear and transparent about the basis for the increase.

Enforcement

China Further Signals End to Tech Sector Crackdown

By Manesh Samtani | 18/01/2023

Didi passed its security review and is allowed to resume onboarding new customers. Government entities are acquiring “golden shares” in some tech giants.

Enforcement

Singapore: Ex-Agritrade CFO Sentenced to 20 Years Jail

By Editors | 17/01/2023

The former CFO instructed subordinates to submit false financial statements to banks in Japan, South Korea, India and Taiwan to obtain trade financing.

Enforcement

Taiwan Passes Law Changes to Deter Property Speculation

By Editors | 17/01/2023

The amendments introduce fines up to TWD 50 million for market manipulation and the spreading of false information regarding housing prices.

Crypto / Digital Assets

BitConnect Victims Receive $17mn Restitution from Crypto Fraud

By Editors | 16/01/2023

BitConnect was an online crypto lending platform that collapsed in 2018, causing investor losses estimated at over USD 2.4 billion.

Enforcement

Indonesian Court Imposes $370m Fine for Stock Manipulation

By Editors | 16/01/2023

The fine is one of the largest ever in an Indonesian corruption case. Prosecutors reportedly plan to appeal the ruling to seek the death penalty.