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Financial Crime
Market Abuse
Six US Banks Agree to Settle Antitrust Litigation for $80m
By Editors | 31/07/2024
The banks allegedly colluded to bid up bond prices at auction and then sell those bonds at inflated prices to pension funds and other investors.
Liquidity Risk
Korea Works to Address Liquidity Crisis at E-commerce Platforms
By Nithya Subramanian | 31/07/2024
The FSC announced a KRW 560 billion rescue package to support vendors impacted by a liquidity crisis at two e-commerce platforms.
Credit Risk
RBI Issues Directions on Treatment of Wilful Defaulters
By Ajoy K Das | 31/07/2024
The RBI has introduced stringent measures for wilful defaulters, including a ban on credit facilities and restructuring, based on a transparent classification process.
Payments & Settlements
China Implements Tighter Rules for Non-Bank Payments Platforms
By Editors | 31/07/2024
The rules impose stricter licensing, business management, risk management and user protection requirements on non-bank payment institutions.
Fraud, Scams & Cybercrime
Westpac, Optus Launch New Anti-scam Capability
By Sanday Chongo Kabange | 31/07/2024
Westpac launched a new in-app calling capability to protect customers from scammers trying to impersonate the bank.
PEPs & Sanctions
OFAC Targets Iran Weapons Programmes With New Sanctions
By Editors | 31/07/2024
The sanctions cover two procurement networks that help Iran obtain components for weapons systems, including Hong Kong and China-based targets.
Fraud, Scams & Cybercrime
US Authorities Charge Founder of Crypto Firm BitClout
By Editors | 31/07/2024
Nader Al-Naji faces civil and criminal charges for allegedly lying to investors and misappropriating investments for personal expenses and gifts.
Market Abuse
Ex-CITIC Banker Ordered to Disgorge Insider Dealing Profits
By Sanday Chongo Kabange | 31/07/2024
Hong Kong’s Market Misconduct Tribunal also banned the former executive deputy general manager from certain activities for three years.
Anti-Money Laundering
MAS Tightens Licensing Requirements for Payment Services
By Ranamita Chakraborty | 31/07/2024
Applicants must submit a legal opinion, an independent assessment report by an external auditor, and have a governance structure for compliance and AML/CFT oversight.
Conduct, Culture & Accountability
ANZ Working to Address Conduct Issues With “Urgency”
By Sanday Chongo Kabange | 31/07/2024
ANZ said it has suspended, terminated and issued a formal warning to several employees in its Sydney dealing room.
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