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Financial Crime
Market Abuse
FINRA Fines BofA & Merrill Lynch $3m for Surveillance Failures
By Nithya Subramanian | 04/09/2024
FINRA said the parameters of the surveillance systems were set too narrowly, leading to failures to detect potentially manipulative trading.
Emerging Prudential Risks
Japan FSA to Strengthen Monitoring of Financial Institutions
By Thisanka Siripala | 04/09/2024
The FSA’s priorities include a stronger focus on corporate governance, risk management, and the asset management reforms.
PEPs & Sanctions
UK Suspends 30 Export Licences to Israel Over Humanitarian Concerns
By Editors | 03/09/2024
30 of 350 export licences to Israel were suspended due to a “clear risk” that items might be used to violate international humanitarian law.
Fraud, Scams & Cybercrime
Indonesia Blocks Online Gamblers from Accessing Financial Services
By Nithya Subramanian | 03/09/2024
Over 6,000 accounts have been blocked to prevent online gamblers from accessing financial services and “create a deterrent effect”.
Fraud, Scams & Cybercrime
Singapore Proposes Law to Empower Police to Stop Scams
By Nithya Subramanian | 03/09/2024
The proposed law will allow police to restrict banking transactions for victims who refuse to believe they are being scammed.
Anti-Money Laundering
Korean Regulators Intensify Scrutiny of Woori Bank, Affiliates
By Manesh Samtani | 03/09/2024
The FSS suspects that Woori intentionally covered up unfair loans granted to relatives of the group’s former chairman.
Anti-Money Laundering
New Zealand to Introduce AML Amendment Bill in November
By Sanday Chongo Kabange | 03/09/2024
A new cabinet paper sets out 25 proposals for further amendments to New Zealand’s AML/CFT Act.
Anti-Money Laundering
SFC Imposes Lifetime Ban on Former UBS Associate Director
By Sanday Chongo Kabange | 03/09/2024
The former associate director was banned for life following his conviction for laundering $1.8mn that he stole from UBS.
Fraud, Scams & Cybercrime
Indian Court Orders Takedown of Scam Crypto Websites
By Ajoy K Das | 03/09/2024
The order was granted after crypto firm Mudrex filed legal action to stop investors being scammed by websites using its name and brand.
Conduct, Culture & Accountability
Korean Courts Overturn Two FSC Penalty Decisions
By Editors | 03/09/2024
A KRW 669.1 million fine against Shinhan Investment Corp and a KRW 1 billion fine against Kepler Cheuvreux were overturned.
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