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Enforcement
India’s NFRA Detects Deficiencies in Big Four Audit Processes
By Ajoy K Das | 26/12/2023
The National Financial Reporting Authority published inspection reports of BSR & Co, Deloitte Haskins & Sells, SRBC & Co and Price Waterhouse Chartered Accountants.
Enforcement
Insurer Settles with OFAC after Issuing Policies to Sanctioned Russian’s Company
By Editors | 23/12/2023
US-based Privilege Underwriters Reciprocal Exchange agreed to pay USD 466,000 over policy written for Panamanian company owned by sanctioned oligarch Viktor Vekselberg.
AML / KYC
Singapore Authorities Warn of Scammers Posing as MAS Officers
By Mark Johnston | 22/12/2023
The scammers accuse victims of being involved in criminal activities before asking them to transfer money to designated “security accounts”.
Enforcement
Korea Considers Naked Short-selling Penalties for Global Banks
By Editors | 22/12/2023
Last month, Korean regulators said they found that the Hong Kong units of HSBC and BNP Paribas committed naked short selling.
Enforcement
Malaysia Mulls Legal Action Against Foreign Banks Over 1MDB
By Mark Johnston | 22/12/2023
At least eight foreign banks neglected KYC verification procedures, resulting in misdirection of 1MDB funds into unintended accounts.
Enforcement
Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme
By Ranamita Chakraborty | 22/12/2023
Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.
Enforcement
ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors
By Sanday Chongo Kabange | 21/12/2023
Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.
Enforcement
HK SFC Issues Warning About More Suspicious VATPs
By Sanday Chongo Kabange | 21/12/2023
The SFC said the police have blocked the two platforms in Hong Kong over suspected fraudulent activities related to virtual assets.
Enforcement
Japan FTC Probes Insurers for Alleged Cartel Conduct
By Mark Johnston | 21/12/2023
Japan’s FTC raided 22 locations of four major insurers and two insurance agencies over their alleged collusion on premium-setting.
Enforcement
Bursa Malaysia Fines Ten Serba Dinamik Directors for Listing Rule Breaches
By Sanday Chongo Kabange | 20/12/2023
Timely and accurate disclosure of financial statements and material information are fundamental obligations of listed companies, Bursa Malaysia said.
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