ENFORCEMENT

AML / KYC

HK Amends National Security Law to Facilitate Asset Freezes

By Editors | 15/12/2023

The national security law has been amended to allow assets to be frozen “until the conclusion of the proceedings” such as criminal prosecutions.

AML / KYC

US Congress Passes Foreign Extortion Prevention Act

By Editors | 15/12/2023

The Act prohibits foreign government officials from soliciting or receiving bribes from any person or company under US jurisdiction.

Enforcement

Former Bank of China Branch Head Jailed for Life for Embezzlement

By Editors | 15/12/2023

Xu Guojun and accomplices embezzled and misappropriated over $323mn in China’s banking sector’s biggest-ever corruption case.

Enforcement

SBI Securities Accused of Manipulating Stock Prices – Reports

By Editors | 15/12/2023

SBI Securities allegedly asked investors to buy shares in stocks that it underwrote on the first day of trading to prop up their stock prices.

AML / KYC

RBNZ Issues Formal AML/CFT Warning to Citibank

By Sanday Chongo Kabange | 14/12/2023

Citibank NZ failed to pass on the identities of the originators of 64,000 wire transfers between 2017 and 2022.

Enforcement

Crypto Exchange Pays OFAC USD 1.2 Million to Settle Crimea Violations

By Editors | 14/12/2023

US-based CoinList Markets processed 989 transactions on behalf of users in the Crimea region in violation of OFAC sanctions regulations.

Enforcement

SFC Bans Ex Employee of OCBC Wing Hang Bank

By Sanday Chongo Kabange | 13/12/2023

The employee was earlier convicted for offering a colleague a bribe to refer mortgage refinancing clients to an external party.

Enforcement

China NFRA to Apply More Discretion in Penalty Decisions

By Editors | 13/12/2023

The NFRA says it will strictly abide by the principles of legality, proportionality, and due process when handing out penalties to banks and insurers.

AML / KYC

AUSTRAC Announces Regulatory Priorities for 2024

By Editors | 13/12/2023

AUSTRAC will scrutinise the banking, gambling and remittance sectors, as well as crypto firms, payment platforms and non-bank lenders.