Enforcement

AML / KYC

Ex-Goldman Exec Alleges BNM Was Involved in 1MDB Graft

By Editors | 24/02/2022

Tim Leissner said BNM approved a USD 1 billion overnight transfer out of 1MDB but that he could not independently verify whether a bribe was paid.

Enforcement

Former Bank of Qinghai Executive Jailed 18 Years For Corruption

By Darien Choong | 24/02/2022

A former chairman of China Postal Savings Bank and a former vice chairman of the CBRC have also been arrested on corruption charges.

Enforcement

MAS Bans Former OCBC Representative for Five Years

By Editors | 24/02/2022

The former representative was convicted of forgery in the State Courts last year, leading MAS to believe she would not perform financial advisory services honestly.

Enforcement

Seoul Court Declares Lime Asset Management Bankrupt

By Editors | 23/02/2022

Investors lost an estimated KRW 1.7 trillion. Lime Asset Management has a reported KRW 520 billion in debt, compared to just KRW 19 billion in assets, which will be liquidated.

Enforcement

Australian Court Orders Super Trustee to Pay A$20m

By Editors | 22/02/2022

Aware Financial Services Australia charged over 25,000 customers over AUD 50 million in fees for financial services it did not provide.

AML / KYC

Korea’s KT Corp to Pay $6.3m for FCPA Violations

By Editors | 21/02/2022

KT Corp maintained slush funds for nearly a decade which were used by executives and employees to bribe Korean and Vietnamese officials.

Fintech / Regtech

US DOJ Appoints First Director of National Crypto Enforcement Team

By Editors | 20/02/2022

The FBI has meanwhile created a new “Virtual Asset Exploitation Unit”, which will provide analysis, support, training and new tools to stay ahead of future crypto-related threats.

Enforcement

UK HMRC Seizes Three NFTs in Fraud Investigation

By Editors | 20/02/2022

Three people were arrested on suspicion of attempting to defraud HMRC using 250 fake companies. This is the first time a UK agency has seized NFTs.

Enforcement

FSC Korea Fines IBK and Fund Manager Over Mis-sold Funds

By Editors | 20/02/2022

Industrial Bank of Korea also has to suspend its private fund sales operations for 1 month. Discovery Asset Management and its CEO are suspended for 3 months.