ENFORCEMENT

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.