Financial Crime

Supervision & Enforcement

Bankman-Fried to Help Investors Pursue Celebrities Who Endorsed FTX

By Nithya Subramanian | 23/04/2024

Sam Bankman-Fried has agreed to help a group of investors pursue civil claims against celebrity endorsers of FTX, potentially freeing himself from civil liability.

Cryptocurrency

Thailand to Start Blocking Unlicensed Crypto Providers

By Sanday Chongo Kabange | 23/04/2024

Thailand’s SEC and MDES will start blocking unlicensed digital asset platforms in the country to curb money laundering and online crime.

Fraud, Scams & Cybercrime

MAS Issues 12yr Ban Against Former Manulife Agent

By Nithya Subramanian | 23/04/2024

The former agent was convicted last August for deceiving 25 victims to transfer more than S$1.2mn for fictitious investments.

Fraud, Scams & Cybercrime

HK Police Offers Update on JPEX Fraud Investigation

By Mark Johnston | 23/04/2024

A total 72 individuals have been arrested and HKD 228 million worth of assets have been seized in connection with JPEX.

Conduct, Culture & Accountability

Germany’s APAS Finds EY Violated Professional Duties in Wirecard Audits

By Nithya Subramanian | 23/04/2024

APAS said EY had insufficient audit reporting, poor internal quality controls, and poor handling of red flags that pointed to irregularities.

Anti-Money Laundering

FATF Ministers Pledge Stronger Measures Against Financial Crime

By Mark Johnston | 23/04/2024

The FATF has published a Ministers’ Declaration to reinforce their commitment to combating financial crime.

Market Abuse

US Jury Convicts Mango Markets Trader for Crypto Manipulation

By Nithya Subramanian | 23/04/2024

Avraham Eisenberg was found guilty in the first US prosecution involving the manipulation of cryptocurrency through open-market trades.

Cybersecurity

HKMA Proposes Revisions to E-banking Risk Management Requirements

By Manesh Samtani | 22/04/2024

HKMA’s revised SPM Module incorporates additional requirements on electronic banking security and expands the obligations to payment card transactions.

Anti-Money Laundering

HKMA Fines Hua Nan Commercial Bank Over AML/CFT Controls

By Editors | 22/04/2024

HKMA identified deficiencies in the bank’s ability to continuously monitor some customer relationships over a six-year period.