ENFORCEMENT

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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.

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    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.

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    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”.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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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