ENFORCEMENT

AML / KYC

Singapore Proposes Law to Empower Police to Stop Scams

By Nithya Subramanian | 03/09/2024

The proposed law will allow police to restrict banking transactions for victims who refuse to believe they are being scammed.

Enforcement

Korean Regulators Intensify Scrutiny of Woori Bank, Affiliates

By Manesh Samtani | 03/09/2024

The FSS suspects that Woori intentionally covered up unfair loans granted to relatives of the group’s former chairman.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Associate Director

By Sanday Chongo Kabange | 03/09/2024

The former associate director was banned for life following his conviction for laundering $1.8mn that he stole from UBS.

Enforcement

Korean Courts Overturn Two FSC Penalty Decisions

By Editors | 03/09/2024

A KRW 669.1 million fine against Shinhan Investment Corp and a KRW 1 billion fine against Kepler Cheuvreux were overturned.

Enforcement

Indonesia: IDX Dismisses Five Employees for IPO-related Bribery

By Nithya Subramanian | 03/09/2024

The OJK said it supports the “firm steps” taken by IDX in imposing sanctions on the violating parties.

Enforcement

Aviva Facing Charges in India for Tax Evasion, Fake Invoices

By Ajoy K Das | 02/09/2024

Aviva allegedly used fake invoices to circumvent regulatory limits on agent compensation, in the process evading taxes worth $5.2mn.

AML / KYC

HKMA Fines WeChat Pay for AML Control Deficiencies

By Sanday Chongo Kabange | 02/09/2024

WeChat Pay had control deficiencies in its process for undertaking CDD reviews and applying EDD measures.

Enforcement

Malaysia’s EPF Seeks Travel Restrictions on 635 Company Directors

By Nithya Subramanian | 02/09/2024

The directors will be prohibited from leaving Malaysia due to failure to pay the required contributions to their employees’ EPF accounts.

Enforcement

China Extradites Crime Syndicate Ringleaders to South Korea

By Editors | 01/09/2024

The syndicate has been operating from China since 2017, using government impersonation scams to defraud almost 2,000 Koreans of $113mn.