Enforcement

Enforcement

New Zealand FMA Censures Derivatives Issuer FIRMA NZ

By Editors | 11/10/2021

Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were “persistent and systemic”.

Enforcement

S. Korea: Founder of Singapore Fintech Jailed for Fraud

By Editors | 11/10/2021

A South Korean court has sentenced the founder of a fintech investment firm Marvelstone Group to ten years of jail time on fraud charges.

Enforcement

Singapore Woman Admits to Receiving Criminal Proceeds

By Ranamita Chakraborty | 11/10/2021

On instructions from a man she met online, a secretary of a law firm opened bank accounts that were used to receive funds stolen from a Botswana bank.

Enforcement

FATF Re-rates China on Six Recommendations

By Manesh Samtani | 10/10/2021

The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.

Fintech / Regtech

Malaysia SC Orders Decentralised Exchanges to Halt Operations

By Mark Johnston | 10/10/2021

Entities interested in operating a decentralised exchange in Malaysia should apply to be registered as an RMO, the SC said.

AML / KYC

US DOJ Creates National Cryptocurrency Enforcement Team

By Editors | 07/10/2021

The NCET will cooperate with international law enforcement agencies as well as private sector actors to target the criminal misuse of cryptocurrency.

AML / KYC

Germany’s BaFin Fines N26 Over Weak AML Controls

By Editors | 07/10/2021

The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.

AML / KYC

MAS Examining Asiaciti Trust Revelations in Pandora Papers

By Editors | 06/10/2021

The Pandora Papers show that Singapore firm Asiaciti Trust had helped politicians and public officials set up trusts and shell companies in secrecy jurisdictions.

Enforcement

US Inspector General Probes Fed Officials’ Stock Trades

By Sanday Chongo Kabange | 06/10/2021

The Office of Inspector General will conduct an independent review to determine whether Fed officials violated ethics rules and the law.