Financial Crime

Anti-Money Laundering

HK ICAC Charges Asset Manager for Laundering HK$50m

By Sanday Chongo Kabange | 14/06/2024

The ICAC charged Xiao Rui, the owner of asset manager Augustine Holdings, for laundering HKD 50 million.

PEPs & Sanctions

UK, Canada Announce New Russia Sanctions at G7 Summit

By Editors | 14/06/2024

The UK’s 50 targets include Moscow Exchange and five China-based entities. Canada’s sanctions target 11 individuals and 16 entities.

Trading & Investment

FSC Korea Outlines Roadmap for Resuming Short Selling

By Manesh Samtani | 14/06/2024

The FSC formally extended the short-selling ban until 30 March 2025 and announced reform measures to prevent naked short-selling.

Anti-Bribery & Corruption

HKMA Directs Banks to Review Insurance Referral Business

By Sanday Chongo Kabange | 14/06/2024

The HKMA asked banks to assess their compliance with prohibitions on the use of unlicensed agents to target Mainland customers.

Anti-Money Laundering

Singapore Private Bankers Took Kickbacks from Property Deals

By Nithya Subramanian | 14/06/2024

Some private bankers reportedly received 30-50% of the commission for introducing clients to property agents.

Cryptocurrency

Taiwan Crypto Industry Launches New “VASP Association”

By Editors | 14/06/2024

The VASP Association is charged with developing self-regulatory guidelines and best practices for the crypto industry.

PEPs & Sanctions

G7 to Raise $50bn for Ukraine Using Frozen Russian Assets

By Editors | 13/06/2024

A $50bn loan will be taken out and the interest will be paid using profits generated by frozen Russian assets.

Fraud, Scams & Cybercrime

Westpac Enhances Security Features to Protect Against Scams

By Sanday Chongo Kabange | 13/06/2024

Westpac’s Ben Young said the new security features will help individuals and small businesses identify potential scams before they have made a payment,

PEPs & Sanctions

US Court Jails Two Over Sanctions Evasion Scheme

By Editors | 13/06/2024

A Chinese national and US citizen were jailed for attempting to broker illicit oil sales between Iran and China and launder the proceeds.