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Financial Crime
Conduct, Culture & Accountability
Korea Set to Implement New Responsibility Mapping System
By Manesh Samtani | 11/06/2024
Financial holding companies and banks with assets over KRW 5 trillion must submit responsibility maps by 2 July 2026.
Supervision & Enforcement
IFSCA Issues Regulatory Framework for “BATF Services” in GIFT City
By Ajoy K Das | 11/06/2024
The IFSCA has notified a regulatory framework for book-keeping, accounting, taxation and financial crime compliance services offered at GIFT City.
Supervision & Enforcement
Industry Body Sues US SEC for Records on WhatsApp Probe
By Editors | 11/06/2024
The American Securities Association seeks to force the SEC to disclose information that was considered when determining the penalties.
Anti-Money Laundering
Singapore Sentences 10th Individual in Money Laundering Case
By Nithya Subramanian | 11/06/2024
Su Jianfeng was sentenced to 17 months. Meanwhile, banks are tightening scrutiny of wealthy clients and providing additional training to staff.
Anti-Bribery & Corruption
China: Four More Officials Facing Prosecution for Taking Bribes
By Editors | 11/06/2024
A former banking regulator and two other ex-officials from ICBC and Citic Group were found to have accepted bribes, the CCDI said.
Fraud, Scams & Cybercrime
UK PSR Rejects Calls to Delay Fraud Reimbursement Rules
By Editors | 11/06/2024
Interim head of the PSR, David Geale, said there was a need to “act quickly” on APP fraud and that the new rules would be introduced in October as planned.
PEPs & Sanctions
OFAC Imposes New Sanctions Targeting Illicit Houthi Shipments
By Editors | 10/06/2024
The targets include four entities, including Hong Kong-, India- and Panama-based shipping companies and some of their vessels.
Anti-Money Laundering
TD Bank Facing $4bn in Fines for AML Violations – Report
By Editors | 10/06/2024
The amount is double previous estimates, prompted by the emergence of new bribery allegations against the bank.
Fraud, Scams & Cybercrime
Former AllianzGI Fund Manager Pleads Guilty to Fraud
By Editors | 10/06/2024
Gregoire Tournant admitted to providing deceptive information to investors in AllianzGI’s now-defunct Structured Alpha funds.
Market Abuse
SEBI Issues Penalties Framework for MII Surveillance Lapses
By Ajoy K Das | 10/06/2024
SEBI will impose penalties for surveillance-related lapses based on annual turnover and the number of lapses during a financial year.
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