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ENFORCEMENT
Enforcement
Korea: Woori Facing Disciplinary Action Over Improper Loans
By Mark Johnston | 13/08/2024
The FSS said Woori improperly disbursed 28 loans worth a combined KRW 35 billion to Chairman Sohn Tae-Seung’s relatives and their companies.
Enforcement
Beijing Prosecutors Charge 49 Former Zhongzhi Employees
By Editors | 13/08/2024
The wealth management firm filed for bankruptcy liquidation in January after declaring it was insolvent with up to $64bn in liabilities.
Enforcement
US Court Convicts Former Mozambique Official in Bribery Case
By Editors | 12/08/2024
Following a four-week trial in New York, Mozambique’s former finance minister was found guilty for accepting $7mn in bribes.
AML / KYC
US Fed Imposes Conditions on Customers Bank for AML Deficiencies
By Manesh Samtani | 12/08/2024
The Fed cited risk management deficiencies relating to an instant payments platform used to enable crypto firms to make around-the-clock US dollar payments.
Crypto / Digital Assets
NY Fed Assesses Effectiveness of Tornado Cash Sanctions
By Editors | 11/08/2024
The study found that non-cooperation with the Tornado Cash sanctions was not monetarily driven, but instead motivated by “philosophical reasons”.
AML / KYC
Four Arrested by HK Customs in HK$1.5b Money Laundering Case
By Editors | 10/08/2024
The arrestees allegedly used 39 bank accounts, six shell companies and cryptocurrency to launder crime proceeds from across the APAC region.
Enforcement
US Man Arrested for Facilitating DPRK Remote IT Worker Fraud
By Editors | 10/08/2024
DOJ said Matthew Isaac Knoot enabled North Korean IT workers to work for US and UK companies from locations in China, and laundered money for them.
Enforcement
FSC Korea to Expand Enforcement Toolkit to Target Unfair Trading
By Editors | 09/08/2024
Those found engaging in unfair trading activities will face a 10-year ban on trading in the capital market and potentially have their names disclosed publicly.
Enforcement
Evergrande Liquidators Are Suing PwC for Damages – Report
By Editors | 09/08/2024
The writ of summons accuses PwC of breach of contract, breach of duty, misrepresentation, negligence, and/or unjust enrichment.
Crypto / Digital Assets
US Court Approves $12.7B Settlement Between CFTC, FTX
By Editors | 09/08/2024
The CFTC’s Ian McGinley said the settlement represents the largest recovery for investors in the regulator’s history.
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