Enforcement

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.

AML / KYC

Russia Says REvil Hacking Group Has Been Dismantled

By Sanday Chongo Kabange | 18/01/2022

Russia’s intelligence bureau raided 25 properties, detained 14 individuals, and seized cash, cryptocurrency and luxury vehicles.

Enforcement

Taiwan to Raise Penalties for Violations by Securities Firms

By Editors | 18/01/2022

The FSC is also lowering the threshold that triggers substantial shareholding declarations to promote greater transparency.

AML / KYC

US Issues Sanctions Over DPRK Ballistic Missile Launches

By Editors | 18/01/2022

The sanctions target six North Koreans, one Russian and a Russian firm were responsible for procuring goods for North Korean weapons programmes.

Enforcement

IOSCO Proposes Measures to Address Risks from Online Marketing

By Manesh Samtani | 18/01/2022

IOSCO proposes policy and enforcement measures to address risks in online marketing and distribution of financial products to retail investors.

Enforcement

PBOC Fines BEA China Unit Over Data Collection Violation

By Editors | 17/01/2022

Reports say other fines may be made public in the near future for violations of new rules that prohibit the over-collection and misuse of credit information.

AML / KYC

HKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies

By Editors | 17/01/2022

The case involved control deficiencies in respect of 33 Financial Services Limited’s transaction monitoring and name screening systems, the HKMA said.