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Enforcement
OFAC Investigating Kraken for Alleged Sanctions Violations
By Editors | 07/08/2022
Kraken is suspected of allowing Iranian users to utilise Kraken’s services, in violation of federal sanctions.
Enforcement
ASIC Finalises Guidance on How FSCP Will Work
By Sanday Chongo Kabange | 05/08/2022
FSCP sitting panels will comprise an ASIC staff member as chair and at least two external members from the FSCP’s pool of industry participants.
Enforcement
Korea FSS Fines KakaoBank Over Remittance Service Failures
By Editors | 05/08/2022
The FSS said KakaoBank launched the new remittance service without proper testing, and provided prohibited loans to major shareholders.
Enforcement
More Senior Officials Fall Under Corruption Probes in China
By Darien Choong | 04/08/2022
Officials from the MIIT, CBIRC and PBOC have been named in a fresh round of corruption investigations.
AML / KYC
New York State Regulator Penalises Robinhood Crypto Unit
By Editors | 04/08/2022
Robinhood Crypto had inadequate staffing of its AML programme, transaction monitoring deficiencies, and noncompliant cybersecurity policies.
AML / KYC
US SEC Charges 11 Over Crypto Pyramid and Ponzi Scheme
By Editors | 04/08/2022
Forsage investors earned profits by recruiting others into the scheme, which used assets from new investors to pay earlier investors.
Enforcement
Korea FSS Considers Taking Woori Chief to Supreme Court
By Editors | 04/08/2022
The FSS sought to reprimand Sohn Tae-seung, but two courts have now ruled in favour of the Woori Financial Group chairman and CEO.
Enforcement
Taiwan FHC Fined for Leaking Data to Major Shareholder
By Editors | 03/08/2022
China Development Financial Holding Corp was fined TWD 20mn. Its subsidiaries China Life and KGI Securities were fined TWD 6mn and TWD 2.4mn respectively.
Enforcement
SFC Fines TC Capital for Due Diligence Failures in Sponsor Work
By Editors | 03/08/2022
The SFC said there was a need to send a “strong deterrent message” to the industry and market that “sponsor failures will not be tolerated”.
Enforcement
Banks Preparing to Pay Fines for Use of Messaging Apps
By Editors | 02/08/2022
US regulators are expected to announce penalties in the coming weeks over the use of unauthorised messaging apps for business communications.
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