Financial Crime

PEPs & Sanctions

Australia: Parliamentary Inquiry Calls for Strengthening of Sanctions Regime

By Manesh Samtani | 25/02/2025

The government should consider greater application of thematic sanctions, increase focus on enforcement, and close loopholes.

Fraud, Scams & Cybercrime

Bybit Falls Victim to $1.5bn Crypto Theft, the Largest in History

By Thisanka Siripala | 24/02/2025

The theft was reportedly orchestrated by North Korea’s Lazarus Group. Security experts are investigating how the self-custodial multi-sig wallet used by Bybit was compromised.

KYC & CDD

US Beneficial Ownership Reporting Requirements Again in Effect

By Thisanka Siripala | 24/02/2025

FinCEN has set a new 21 March compliance deadline and said it would revise the BOI reporting rule to reduce regulatory burdens on lower-risk entities.

Fraud, Scams & Cybercrime

Australian Online Safety Commissioner Imposes A$1m on Telegram

By Thisanka Siripala | 24/02/2025

The messaging platform said the fine is “unfair and disproportionate” and indicated its intention to appeal the decision.

Cybersecurity

GLEIF Announces First Qualified vLEI Issuer in China

By Mark Johnston | 24/02/2025

The China Financial Certification Authority has become the first China-based issuer of fully digitised Legal Entity Identifiers.

Fraud, Scams & Cybercrime

South Korea’s Kyongnam Bank Fined $2.8m for Accounting Violation

By Thisanka Siripala | 24/02/2025

The fine is linked to an embezzlement scandal involving a former bank executive recently sentenced to 35 years in jail.

Market Abuse

UK CMA Fines Banks $132m for Anti Competitive Conduct

By Thisanka Siripala | 24/02/2025

Citigroup, HSBC, Morgan Stanley, and RBC were fined. Deutsche Bank also participated but was granted immunity for reporting the misconduct.

Anti-Bribery & Corruption

China Sentences Ex-ICBC Executive Zhang to Death with Reprieve

By Mark Johnston | 24/02/2025

Zhang Hongli was found to have accepted CNY 177 million in bribes in exchange for facilitating loans and securing employment positions for others.

Conduct, Culture & Accountability

FSS Korea’s 2025 Inspection Strategy to Target Internal Controls

By Thisanka Siripala | 23/02/2025

The FSS will conduct 9% more inspections in 2025 compared to 2024, focusing on areas such as internal controls, risk prevention, misconduct, and high-risk product sales.