Enforcement

Enforcement

Myanmar Warns Against Illegal Foreign Exchange Trading

By Mark Johnston | 29/08/2022

The central bank warned that serious action will be taken against online businesses that are found to be illegally buying and selling foreign currencies.

Enforcement

Bangladesh Bank Intensifies Crackdown on Illegal FX Transactions

By Mark Johnston | 29/08/2022

Dozens of money changers are being investigated for money laundering. Several banks are accused of making “excessive” profits from dollar sales.

Enforcement

HKMA Fines Commerzbank for CDD & PEP Screening Failures

By Editors | 29/08/2022

The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.

Enforcement

MAS Fines Noble Group Over Misleading Financial Statements

By Editors | 25/08/2022

The S$12.6mn fine is understood to be the largest fine for the publication of misleading financial statements in Singapore’s history.

Enforcement

FCA Fines Citi’s UK Unit Over Trade Surveillance Issues

By Editors | 24/08/2022

The FCA said Citigroup did not properly implement MAR requirements to monitor orders and trades to detect market abuse.

Crypto / Digital Assets

FDIC Orders Crypto Firms to Correct Misrepresentations

By Editors | 24/08/2022

Five crypto firms were ordered to correct false representations stating or suggesting that certain crypto-related products are FDIC-insured.

Crypto / Digital Assets

Korean Police Pilots Crypto Seizures to Settle Unpaid Fines

By Editors | 24/08/2022

The programme was introduced as a way to collect unpaid fines in a contactless way. The amount seized reportedly exceeded all collections made in the last three years.

Enforcement

SG Police Make Series of Arrests Targeting Scam Syndicates

By Editors | 24/08/2022

4 were arrested over phishing scams targeting bank customers, and another 13 as part of a joint operation with Malaysian police.

AML / KYC

Malaysia: Federal Court Upholds Najib Razak Conviction

By Editors | 24/08/2022

Najib was convicted in 2020 on 1MDB-related charges. The federal court upheld the conviction, requiring him to serve a 12 year jail sentence.