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Enforcement
US Financial Firms to Spend $18bn on Surveillance Tech This Year
By Editors | 03/12/2022
The increased spending comes after multiple financial firms were fined for failing to monitor and keep records on employees’ communications via messaging apps.
AML / KYC
Texas Unseals Charges Against 21 Crypto Money Launderers
By Editors | 02/12/2022
The 21 US citizens charged helped to move proceeds from US fraud victims to foreign criminal organisations using crypto.
Enforcement
Korean Prosecutors Seek More Terra-related Arrest Warrants
By Editors | 01/12/2022
New arrest warrants are sought for co-founder Daniel Shin, as well as Terraform Labs investors and engineers.
Enforcement
CSRC Proposes to Double Maximum Reward for Whistleblowers
By Editors | 01/12/2022
The CSRC also proposes to enable whistleblower reports to be submitted through its 12386 service platform.
AML / KYC
AUSTRAC Commences Court Proceedings Against Star Casinos
By Manesh Samtani | 01/12/2022
Star Sydney and Star Queensland breached one section of the law 1,189 and 325 times, respectively. Both are accused of “an innumerable number” of other breaches.
Enforcement
Australian Court Dismisses ASIC Proceedings for CBA Overcharging
By Editors | 30/11/2022
CBA’s terms and conditions acknowledged that sometimes the bank ‘can get things wrong, and when this happens’ it is ‘determined to make them right again’.
AML / KYC
EU to Gain Legal Authority to Punish Sanctions Circumvention
By Editors | 30/11/2022
The move will make it easier for EU authorities to take action against anyone who helps Russia avoid its sanctions.
AML / KYC
OFAC Fines Crypto Firm Kraken for Iran Sanctions Violations
By Editors | 30/11/2022
Kraken was facing a maximum fine of over $272mn. The $362,000 settlement reflects OFAC’s determination the violations were “non-egregious and voluntarily self-disclosed”.
Enforcement
Australia Passes Bill Raising Penalties for Privacy Violations
By Manesh Samtani | 29/11/2022
The legislation also amends the extraterritorial jurisdiction of the Privacy Act to bring into scope foreign firms conducting business in Australia.
Enforcement
APRA to Intensify Industry Scrutiny Following Medibank Hack
By Sanday Chongo Kabange | 29/11/2022
APRA to intensify supervision of all entities not meeting CPS 234. Medibank executive pay could be impacted.
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