ENFORCEMENT

AML / KYC

Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’

By Editors | 24/07/2020

The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

AML / KYC

UPDATED – Malaysia, Goldman Agree to Settle 1MDB Charges

By Editors | 24/07/2020

Malaysia will drop all criminal charges against Goldman Sachs in exchange for a $2.5bn cash payment and help recovering an additional $1.4bn from 1MDB-related assets seized globally.

Enforcement

Korea: Optimus Asset Management Accused of Fraud, Embezzlement

By Editors | 23/07/2020

Optimus Asset Management CEO Kim Jae-hyun misappropriated investor funds to personally invest in stocks, futures and options since 2018.

AML / KYC

Singapore Court Fines Secretary Over North Korea Shipments

By Editors | 22/07/2020

The secretary pleaded guilty to three charges under the United Nations Act involving the shipment of luxury items to North Korea for her employer.

Enforcement

ASIC to Seek Reforms to Responsible Lending Laws

By Manesh Samtani | 22/07/2020

ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.

AML / KYC

MAS Penalises Asiaciti Trust for AML/CFT Failures

By Editors | 22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.

Enforcement

ASIC Commences Civil Penalty Proceedings Against FX Firm

By Sanday Chongo Kabange | 22/07/2020

Forex Capital Trading and its sole director allegedly used high pressure sales tactics, false or misleading statements, and conflicted remuneration to maximise trading volume and client deposits.

AML / KYC

Malaysia Resumes Talks with Goldman on 1MDB Settlement

By Editors | 22/07/2020

A six-member team from Goldman Sachs has entered Malaysia to resume negotiations on a 1MDB settlement. A deal is believed to be within reach.

AML / KYC

MAS Seeks Expanded Powers to Address Financial Sector Risks

By Manesh Samtani | 21/07/2020

MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.