Financial Crime

PEPs & Sanctions

Ukraine Calls on Hong Kong to Prevent Sanctions Evasion by Russia

By Editors | 26/07/2024

Hong Kong says it does not implement unilateral sanctions imposed by other countries, but does enforce sanctions imposed by UNSC.

Conduct, Culture & Accountability

MAS Issues New Guidance on Prohibition Orders Under FSMA

By Ranamita Chakraborty | 26/07/2024

The new PO regime will be brought into effect on 31 July as part of the third phase of implementing the Financial Services and Markets Act, which passed into law in April 2022.

Anti-Money Laundering

Humanitarian Crisis in Gaza Being Exploited for Terror Financing

By Ranamita Chakraborty | 26/07/2024

Singapore’s Internal Security Department warns that charities and NGOs are being used by Hamas networks to raise funds globally.

Supervision & Enforcement

UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches

By Editors | 26/07/2024

The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.

Payments & Settlements

BSP Introduces Framework for Merchant Payment Activities

By Sanday Chongo Kabange | 26/07/2024

The framework sets out regulatory requirements for operators of payment systems that engage in merchant payment acceptance activities.

Market Abuse

ASIC Files Lawsuit Against COFCO for Wheat Futures Manipulation

By Nithya Subramanian | 26/07/2024

ASIC alleged that COFCO manipulated contracts by placing orders shortly before the market close, creating an artificial daily settlement price.

Fraud, Scams & Cybercrime

US, UK, South Korea Warn of DPRK Espionage Campaign

By Editors | 26/07/2024

Joint advisory says North Korean hacker group ‘Andariel’ is a threat to entities in the US, UK, South Korea, Japan and India.

Fraud, Scams & Cybercrime

HSBC Australia Blocks Payments to Crypto Exchanges

By Editors | 26/07/2024

The decision was made in light of data showing that Australians lost up to A$171mn in investment scams in 2023.

Market Abuse

Korea FSS Takes Action Against BNK Financial Group, Busan Bank

By Editors | 26/07/2024

The FSS found that executives and employees of both companies manipulated BNK Financial’s stock price when going through the process of a paid-in capital increase.