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Enforcement
S. Korea: Founder of Singapore Fintech Jailed for Fraud
By Editors | 11/10/2021
A South Korean court has sentenced the founder of a fintech investment firm Marvelstone Group to ten years of jail time on fraud charges.
Enforcement
Singapore Woman Admits to Receiving Criminal Proceeds
By Ranamita Chakraborty | 11/10/2021
On instructions from a man she met online, a secretary of a law firm opened bank accounts that were used to receive funds stolen from a Botswana bank.
Enforcement
FATF Re-rates China on Six Recommendations
By Manesh Samtani | 10/10/2021
The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.
Fintech / Regtech
Malaysia SC Orders Decentralised Exchanges to Halt Operations
By Mark Johnston | 10/10/2021
Entities interested in operating a decentralised exchange in Malaysia should apply to be registered as an RMO, the SC said.
AML / KYC
US DOJ Creates National Cryptocurrency Enforcement Team
By Editors | 07/10/2021
The NCET will cooperate with international law enforcement agencies as well as private sector actors to target the criminal misuse of cryptocurrency.
AML / KYC
Germany’s BaFin Fines N26 Over Weak AML Controls
By Editors | 07/10/2021
The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.
AML / KYC
MAS Examining Asiaciti Trust Revelations in Pandora Papers
By Editors | 06/10/2021
The Pandora Papers show that Singapore firm Asiaciti Trust had helped politicians and public officials set up trusts and shell companies in secrecy jurisdictions.
Enforcement
US Inspector General Probes Fed Officials’ Stock Trades
By Sanday Chongo Kabange | 06/10/2021
The Office of Inspector General will conduct an independent review to determine whether Fed officials violated ethics rules and the law.
AML / KYC
US to Gather 30 Countries to Coordinate Ransomware Response
By Editors | 06/10/2021
The Counter-Ransomware Initiative is aimed at improving law enforcement collaboration and stemming the illicit use of cryptocurrency.
Enforcement
New Zealand: Class Action Filed Against ANZ, ASB
By Editors | 04/10/2021
The class action reportedly involves interest and fees ANZ and ASB were not entitled to charge due to breaches of their disclosure obligations.
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