ENFORCEMENT

    Enforcement

    US Treasury Issues CFIUS Enforcement and Penalty Guidelines

    By Editors | 26/10/2022

    The guidelines describe three categories of conduct that may constitute a violation of foreign investment laws and regulations, and how penalties may be imposed.

    Crypto / Digital Assets

    ASIC Files Suit Over Misleading Claims by Crypto Firm

    By Editors | 26/10/2022

    ASIC said BPS Financial engaged in unlicensed conduct and made false, misleading or deceptive representations about a crypto token called Qoin.

    Enforcement

    Credit Suisse Clears Litigation Docket Ahead of Overhaul

    By Editors | 25/10/2022

    Credit Suisse has been cleared of FX rigging charges and settled separate cases with French and US prosecutors.

    Enforcement

    FCA Seeks £50m Penalty from Barclays for 2008 Deals

    By Editors | 24/10/2022

    Barclays did not disclose payments made to Qatari entities for their participation in two capital raisings during the GFC in 2008.

    AML / KYC

    Singapore Jails Former Bank Officer Over Shell Company Setups

    By Editors | 24/10/2022

    The former bank officer recruited nominee directors to set up shell companies and open bank accounts for use by unidentified individual based overseas.

    Enforcement

    Philippine SEC Sets Out Penalties for Disclosure Violations

    By Mark Johnston | 24/10/2022

    Directors, trustees, and officers can be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.

    Enforcement

    NZ FMA Issues Warnings Against Property Investment Firms

    By Editors | 23/10/2022

    The firms misused the wholesale investor exclusion to extend offers to people with little or no investment experience.

    AML / KYC

    NZ FMA Issues Formal Warning to InvestNow Over AML Failures

    By Editors | 22/10/2022

    InvestNow had deficiencies in its processes for verifying customer identities and conducting CDD, EDD and SoW/SoF checks.

    AML / KYC

    US Sanctions, Files Criminal Charges Against Russians

    By Editors | 21/10/2022

    The sanctions target a procurement network supplying technology to Russia. The indictment explains that crypto was used to facilitate the payments.

    Enforcement

    German Prosecutors Raid Deutsche Offices for “Cum-Ex” Probe

    By Editors | 21/10/2022

    The Cum-Ex scandal dates back more than a decade. Deutsche Bank is said to be fully cooperating with inspections at its Frankfurt offices.

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