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Enforcement
FSS Korea Assessing Data Protection at Naver Pay & Toss
By Editors | 20/08/2024
KakaoPay shared customer credit information with Alipay without consent. The FSS is assessing whether Naver Pay and Toss had similar breaches.
Enforcement
ASIC Stands Firm Despite Mounting Criticisms of Failures
By Natasha Teja | 20/08/2024
An inquiry into ASIC’s capacity and capability identified a need for reforms, but these appear to be contingent on next year’s elections.
AML / KYC
China’s Top Court Issues Guidelines on Money Laundering Cases
By Manesh Samtani | 19/08/2024
Concealment or disguise of criminal proceeds, including through the use of virtual assets, will be punished as money laundering offences.
Enforcement
Korean Expands Probe into Unfair Practices in ETF Market
By Editors | 19/08/2024
The FSS is investigating whether asset managers had help from group affiliates to increase the net asset values of ETFs they issued.
AML / KYC
Hong Kong Court Sets Precedent for Crypto Transparency
By Manesh Samtani | 19/08/2024
The court ordered defendants in a crypto fraud and mismanagement case to provide detailed information about their holdings and transactions.
AML / KYC
Lithuania Intensifying Crackdown on Sanctions Evasion Activities
By Editors | 19/08/2024
Over 50 investigations relating to sanctions breaches have been opened in Lithuania. Rulings in several cases have already been issued.
AML / KYC
Singapore, HK and Interpol Dismantle Money Laundering Syndicate
By Nithya Subramanian | 19/08/2024
The transnational criminal group based in Hong Kong laundered proceeds from technical support scams in Singapore.
Enforcement
US SEC Fines ATS Operator OTC Link for AML Failings
By Editors | 18/08/2024
OTC Link did not file a single SAR over 38 months. Its AML department consisted of only two individuals who together spent just five hours per month reviewing trading alerts.
AML / KYC
Myanmar Charges Tycoon Over Use of Scam Centre Proceeds
By Editors | 18/08/2024
The former executive chair of privately owned Yoma Bank allegedly used criminal proceeds from online scam centres to invest in a real estate project.
Enforcement
US Man Arrested Over Attempts to Export Aircraft Components to Iran
By Editors | 17/08/2024
Jeffrey Chance Nader falsely identified himself to suppliers as the end user of the components, which he attempted to export to the UAE for transshipment to Iran.
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