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Financial Crime
Market Abuse
JPMorgan to Pay Penalty to 3rd Regulator in Surveillance Case
By Nithya Subramanian | 03/05/2024
Following fines from the OCC and Fed announced in March, JPM said it has to pay $100m to a third regulator, identified in reports as the CFTC.
Structural Regulation
SEBI Allows NRIs, OCIs to Fully Own GIFT City FPIs Entities
By Ajoy K Das | 03/05/2024
Non-resident Indians and overseas citizens of India will be allowed to own up to 100 percent in FPIs, compared to just 50 percent previously.
Market Abuse
SFC Starts Insider Dealing Prosecution Against Hedge Fund
By Sanday Chongo Kabange | 03/05/2024
The SFC is prosecuting Segantii Capital Management, its founder Simon Sadler, and former trader Daniel La Rocca for insider dealing.
Anti-Bribery & Corruption
Australia Consults on Anti-Foreign Bribery Guidance
By Editors | 03/05/2024
The consultation follows the passage of legislation in February to introduce the new “failure to prevent” foreign bribery offence.
Anti-Money Laundering
Singapore: Two More Sentenced in Money Laundering Case
By Nithya Subramanian | 03/05/2024
Cambodian Su Baolin and Chinese national Zhang Ruijin were sentenced to jail and required to forfeit a combined S$183mn in assets.
Anti-Money Laundering
Canada’s FINTRAC Imposes AML Penalty on TD Bank
By Mark Johnston | 03/05/2024
The $6.7mn fine is the largest-ever levied by FINTRAC. TD Bank has separately provisioned $450mn for potential US penalties.
KYC & CDD
China Issues New Rules on Beneficial Ownership Registration
By Manesh Samtani | 03/05/2024
The new regulations will come into effect on 1 November 2024. Existing in-scope entities will have until 1 November 2025 to register beneficial owner information.
PEPs & Sanctions
US Senators Raise Concerns Over Iran’s Crypto Mining
By Editors | 03/05/2024
A letter from two US senators asks government officials about the steps being taken to address Iranian crypto mining and sanctions evasion.
Fraud, Scams & Cybercrime
NZ Banks Set to Start ‘Confirmation of Payee’ Implementation
By Sanday Chongo Kabange | 03/05/2024
NZBA has identified a preferred provider for the service and will soon start the technical build for the payments system.
PEPs & Sanctions
Russian Court Cancels Part of JPMorgan Freeze Order
By Editors | 03/05/2024
The majority of JPMorgan’s funds in Russia cannot be seized as they are held in so-called “type C” accounts.
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