ENFORCEMENT

Sanctions

OFAC Sanctions Two Members of the ‘Cyber Army of Russia’

By Editors | 21/07/2024

Two Russian nationals separately pleaded guilty to participating in LockBit ransomware attacks, the DOJ announced separately.

Enforcement

Amex Fined in Australia for Issuing Unsuitable Credit Cards

By Editors | 20/07/2024

The decision highlights requirements for product issuers to actively review whether their target market determinations remain appropriate over time.

Enforcement

Ex-Goldman, Blackstone Analyst Sentenced for Insider Trading

By Editors | 19/07/2024

The former analyst passed MNPI to a friend and a family member who made a combined $400,000 in illegal profits.

AML / KYC

Taiwan FSC Imposes AML Fine on Crypto Firm ACE Exchange

By Editors | 19/07/2024

ACE Exchange failed to verify customer identities and to set different transaction monitoring thresholds based on customer risk levels, among other violations.

Enforcement

APRA Reduces Westpac’s Operational Risk Capital Add-on

By Sanday Chongo Kabange | 19/07/2024

APRA reduced Westpac’s A$1bn operational risk capital add-on by half in response to progress made to address risk governance concerns.

Enforcement

Switzerland Has Pursued 56 Cases Involving Russia Sanctions Violations

By Editors | 19/07/2024

Out of 56 administrative penal proceedings, 26 were dropped, 15 resulted in penalties, and the others remain under investigation.

Fintech / Regtech

KRX Commences Work on Short Selling Monitoring System

By Sanday Chongo Kabange | 19/07/2024

KRX plans to recruit contractors early next month to work on the new monitoring system, which will launch by the end of March next year.

Enforcement

Australia Fines Telstra for Failure to Authenticate Customer IDs

By Editors | 18/07/2024

The ACMA said Telstra failed to use ID authentication processes for 168,000 high-risk customer interactions, such as SIM-swap requests and password resets.

Enforcement

FSS Korea to Sanction Execs for Internal Control Issues

By Manesh Samtani | 18/07/2024

FSS sets out how it will decide on imposing sanctions on CEOs and executives who violate their internal control management duties.