ENFORCEMENT

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    Enforcement

    US SEC Fines 12 Municipal Advisors for Record Keeping Violations

    By Editors | 18/09/2024

    The 12 firms agreed to pay combined penalties of more than $1.3mn for failures to preserve records of business communications using unofficial channels.

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    Enforcement

    France Attempting to Use New Cybercrime Law Against Telegram Founder

    By Editors | 18/09/2024

    The LOPMI law, enacted in 2023 and as yet untested, is the first globally that gives a court the power to punish executives for abuse of the platforms they operate.

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    Enforcement

    SFC Reaches Compensation Deal for Shareholders of Delisted Firm

    By Sanday Chongo Kabange | 17/09/2024

    If approved by the court, three former directors who siphoned money from a now-delisted company will pay HK$192mn in compensation to minority shareholders.

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    AML / KYC

    Singapore Charges Vietnamese-American for Laundering $8.3m

    By Nithya Subramanian | 17/09/2024

    The Singapore Police Force said investigations have found that the funds were likely derived from overseas investment scams.

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    AML / KYC

    US OCC Imposes Restrictions on Wells Fargo for AML Deficiencies

    By Editors | 17/09/2024

    The OCC requires Wells Fargo to address deficiencies and seek prior written approval before launching new products or services or entering new geographies.

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    AML / KYC

    India’s Adani Group Defends Against Allegations of Swiss Probe

    By Ajoy K Das | 17/09/2024

    Hindenburg Research says $310mn of Adani Group’s funds have been frozen in Switzerland in connection with a money laundering probe.

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    Capital / Liquidity

    Singapore Probes Payment Delays at E-Commerce Platform

    By Nithya Subramanian | 16/09/2024

    After Qoo10 failed to pay merchants in South Korea, there are reports of payment delays also affecting small vendors in Singapore.

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    Crypto / Digital Assets

    US SEC Fines eToro $1.5m for Not Registering Crypto Services

    By Nithya Subramanian | 16/09/2024

    As part of the settlement, eToro is required to delist 102 crypto tokens, leaving only Bitcoin, Bitcoin Cash, and Ether available to investors.

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    Enforcement

    UK Set to Launch Office of Trade Sanctions Implementation

    By Editors | 16/09/2024

    The office will be responsible for the civil enforcement of certain trade sanctions as they relate to UK services and overseas trade with a UK nexus.

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    Enforcement

    China Fines PwC $62m, Suspends Firm for Six Months

    By Manesh Samtani | 14/09/2024

    PwC’s China unit helped Evergrande’s mainland flagship unit, Hengda Real Estate Group, to overstate its revenue by CNY 564 billion from 2018 to 2020.

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