Financial Crime

Anti-Bribery & Corruption

Trafigura Agrees to Pay $126m to Settle FCPA Violations

By Editors | 01/04/2024

The DOJ says Trafigura bribed Brazilian officials from 2003 and 2014 to illegally obtain and retain business and reap over $61mn in profits.

Fraud, Scams & Cybercrime

Korea FSS to Seek Out and Expel ‘Zombie Companies’ from Market

By Editors | 01/04/2024

The FSS says companies that use false capital injections and accounting fraud to avoid delisting are impeding the financing of productive companies.

Anti-Money Laundering

‘COSMIC’ Information Sharing Platform Launches in Singapore

By Editors | 01/04/2024

COSMIC allow banks to share information on suspicious customers or transactions to help detect and prevent financial crime.

PEPs & Sanctions

Russia Blocks UNSC Resolution to Extend Mandate of DPRK Expert Panel

By Editors | 31/03/2024

The Russian veto will force the panel of experts to disband at the end of April, though the UNSC sanctions against North Korea will remain in place.

Anti-Money Laundering

FATF Sheds Light on Global Implementation of Crypto Standards

By Manesh Samtani | 31/03/2024

91% of jurisdictions with materially important VASP activity have enacted or are in the process of enacting AML/CTF requirements for VASPs.

Fraud, Scams & Cybercrime

FTX Founder Sam Bankman-Fried Sentenced to 25 Years

By Editors | 31/03/2024

The judge also ordered the forfeiture of more than $11bn for properties and assets Bankman-Fried bought with customer funds.

Cryptocurrency

Korea Sets Out Procedures for Dealing with ‘Unfair’ Crypto Trades

By Editors | 31/03/2024

The proposed operating rules will come into force from 19 July, when the new Virtual Asset User Protection Act also takes effect.

Anti-Money Laundering

Nigeria Files Charges Against Binance & Executives

By Editors | 31/03/2024

One of the two Binance executives detained last month escaped custody. Both executives and Binance are accused of money laundering and tax evasion, among other charges.

Structural Regulation

Korea, Poland to Strengthen Financial Industry Collaboration

By Editors | 31/03/2024

The FSC is seeking to boost supervisory cooperation with Polish authorities and more permits for Korean banks to operate in the country.