Financial Crime

Conduct, Culture & Accountability

ASIC Sues NAB for Slow Response to Financial Hardship Claims

By Sanday Chongo Kabange | 19/11/2024

ASIC says NAB and a subsidiary failed to respond to financial hardship applications within 21 days as required by law.

PEPs & Sanctions

Australian Court Upholds Sanctions Ruling in Alumina Dispute

By Editors | 18/11/2024

The judgment suggests that a sanctioned person can have a shareholding of far less than 50% in a company for it to be considered sanctioned.

PEPs & Sanctions

OFAC Targets Syrian Group Funding Iran’s Quds Force, Houthis

By Editors | 18/11/2024

OFAC sanctions target 13 vessels and companies in Lebanon, Panama, Iran, and the Marshall Islands that own or manage the vessels.

Fraud, Scams & Cybercrime

Singapore Police Investigate 288 Suspects in Scams Totaling S$6.54m

By Nithya Subramanian | 18/11/2024

The Singapore Police Force conducted a two-week operation uncovering 1,208 scam cases, including job, e-commerce, and investment scams.

PEPs & Sanctions

OFAC Penalises MetLife Subsidiary for Violating Iran Sanctions

By Editors | 18/11/2024

The insurer issued group medical and life insurance policies, collected premiums, and paid claims to schools and entities in the UAE and owned by Iran’s government.

PEPs & Sanctions

EU Parliament Calls for Tougher Sanctions on Russian ‘Ghost Fleet’

By Editors | 18/11/2024

The sanctions will target “all individual vessels as well as their owners, operators, managers, accounts, banks and insurance companies”.

Supervision & Enforcement

FCA to Reshape ‘Name and Shame’ Policy After Backlash

By Nithya Subramanian | 17/11/2024

Revised proposals will include a more stringent public interest test and a longer notice period for firms.

Supervision & Enforcement

Indonesia, S. Korea Enhance Financial Supervision Cooperation

By Mark Johnston | 17/11/2024

Indonesia and South Korea have strengthened their cooperation in financial service supervision through a recent bilateral meeting.

Anti-Money Laundering

Australia Consults on Enhanced Beneficial Ownership Reforms

By Sanday Chongo Kabange | 15/11/2024

The reforms aim to increase the disclosure of ownership information for listed companies and broaden the ASIC’s regulatory enforcement powers.