ENFORCEMENT

AML / KYC

US Recovers $60m in 1MDB Funds from Najib Razak’s Stepson

By Editors | 06/09/2020

The assets recovered include luxury real estate in Beverly Hills, New York and London, a Kentucky maintenance company, and a 1927 promo poster for the film “Metropolis”.

Enforcement

US SEC Launches Fraud Probe into Chinese Edutech Firm

By Manesh Samtani | 06/09/2020

Reports first emerged in February alleging that up to 80% of GSX Techedu users are fake, evidenced by attendance data, server records, and admissions by former employees.

Enforcement

FINMA Launches Enforcement Proceedings Against Credit Suisse

By Manesh Samtani | 06/09/2020

The proceedings relate to violations identified by a FINMA-appointed auditor in relation to Credit Suisse’s observation and security activities, and how these activities are documented and controlled.

Enforcement

Taiwan FSC Orders Probe into Securities Firm Over Broker Suicide

By Editors | 06/09/2020

The brokerage firm is reportedly under scrutiny because a stock broker claimed in a suicide note that he was instructed to place orders for clients through a separate laptop in the office.

AML / KYC

SWIFT Details How Cyber Criminals Encash Stolen Funds

By Editors | 03/09/2020

In a new report, SWIFT and BAE Systems reveal how cyber attackers launder money and ‘cash out’ following large-scale heists.

Enforcement

Hong Kong ICAC Charges Two for Defrauding Four Banks

By Sanday Chongo Kabange | 03/09/2020

An SME director and a former clerk allegedly conspired to defraud four commercial banks, the Trade and Industry Department, and Hong Kong Mortgage Corporation.

Crypto / Digital Assets

Seoul Police Raid Crypto Exchange Bithumb Over Fraud Allegations

By Sanday Chongo Kabange | 03/09/2020

Police reportedly raided South Korea’s largest crypto exchange and confiscated data in connection with a fraud investigation involving the pre-sale of BXA tokens to investors.

Enforcement

CBIRC Penalises Two State-Owned Banks for Violations

By Editors | 02/09/2020

Agricultural Bank of China and China Construction Bank were fined more than a combined 90mn yuan and one individual was banned for life.

Enforcement

ASIC Four-year Plan Targets Misconduct, Innovation

By Editors | 01/09/2020

In its four year corporate plan, ASIC says it will target misconduct and consumer harm, while also promoting fintech, regtech and suptech innovation.