Enforcement

Fintech / Regtech

RBI Fines Visa and Two Other Payment System Operators

By Ajoy K Das | 29/07/2024

Visa was penalised for implementing a payment authentication solution without obtaining regulatory clearance from the RBI.

Enforcement

Hong Kong’s IA Appoints Managers to Take Control of Tahoe Life

By Nithya Subramanian | 29/07/2024

This is the first time the IA has taken control of a distressed insurer, which failed to resolve “issues arising from investments linked with related party transactions”.

AML / KYC

Singapore Deports Last Convict in Billion Dollar ML Case

By Nithya Subramanian | 29/07/2024

All ten individuals who were convicted and sentenced in the case have now been deported: eight to Cambodia, one to Japan, and one to the UK.

Enforcement

Paris Court Orders Crédit Lyonnais to Compensate Scam Victim

By Editors | 28/07/2024

Crédit Lyonnais, a subsidiary of Crédit Agricole, was ordered to pay compensation to a customer who was scammed with fraudulent invoices.

Enforcement

UK CMA Orders HSBC to Remedy Breaches of Open Banking Rules

By Editors | 27/07/2024

The CMA said Lloyds, TSB and AIB also breached the open banking rules, but the breaches were less extensive and are being addressed.

Enforcement

OFAC Fines State Street for Sanctions Violations by Subsidiary

By Editors | 27/07/2024

Charles River Systems, acquired by State Street in 2018, redated and reissued invoices for Sberbank and VTB Bank subsidiaries to circumvent sanctions restrictions.

Enforcement

MAS Issues New Guidance on Prohibition Orders Under FSMA

By Ranamita Chakraborty | 26/07/2024

The new PO regime will be brought into effect on 31 July as part of the third phase of implementing the Financial Services and Markets Act, which passed into law in April 2022.

Crypto / Digital Assets

UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches

By Editors | 26/07/2024

The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.

Securities / Derivatives

ASIC Files Lawsuit Against COFCO for Wheat Futures Manipulation

By Nithya Subramanian | 26/07/2024

ASIC alleged that COFCO manipulated contracts by placing orders shortly before the market close, creating an artificial daily settlement price.