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ENFORCEMENT
Enforcement
US SEC Fines 12 Municipal Advisors for Record Keeping Violations
By Editors | 18/09/2024
The 12 firms agreed to pay combined penalties of more than $1.3mn for failures to preserve records of business communications using unofficial channels.
Enforcement
France Attempting to Use New Cybercrime Law Against Telegram Founder
By Editors | 18/09/2024
The LOPMI law, enacted in 2023 and as yet untested, is the first globally that gives a court the power to punish executives for abuse of the platforms they operate.
Enforcement
SFC Reaches Compensation Deal for Shareholders of Delisted Firm
By Sanday Chongo Kabange | 17/09/2024
If approved by the court, three former directors who siphoned money from a now-delisted company will pay HK$192mn in compensation to minority shareholders.
AML / KYC
Singapore Charges Vietnamese-American for Laundering $8.3m
By Nithya Subramanian | 17/09/2024
The Singapore Police Force said investigations have found that the funds were likely derived from overseas investment scams.
AML / KYC
US OCC Imposes Restrictions on Wells Fargo for AML Deficiencies
By Editors | 17/09/2024
The OCC requires Wells Fargo to address deficiencies and seek prior written approval before launching new products or services or entering new geographies.
AML / KYC
India’s Adani Group Defends Against Allegations of Swiss Probe
By Ajoy K Das | 17/09/2024
Hindenburg Research says $310mn of Adani Group’s funds have been frozen in Switzerland in connection with a money laundering probe.
Capital / Liquidity
Singapore Probes Payment Delays at E-Commerce Platform
By Nithya Subramanian | 16/09/2024
After Qoo10 failed to pay merchants in South Korea, there are reports of payment delays also affecting small vendors in Singapore.
Crypto / Digital Assets
US SEC Fines eToro $1.5m for Not Registering Crypto Services
By Nithya Subramanian | 16/09/2024
As part of the settlement, eToro is required to delist 102 crypto tokens, leaving only Bitcoin, Bitcoin Cash, and Ether available to investors.
Enforcement
UK Set to Launch Office of Trade Sanctions Implementation
By Editors | 16/09/2024
The office will be responsible for the civil enforcement of certain trade sanctions as they relate to UK services and overseas trade with a UK nexus.
Enforcement
China Fines PwC $62m, Suspends Firm for Six Months
By Manesh Samtani | 14/09/2024
PwC’s China unit helped Evergrande’s mainland flagship unit, Hengda Real Estate Group, to overstate its revenue by CNY 564 billion from 2018 to 2020.
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