Financial Crime

PEPs & Sanctions

OFAC Sanctions Two More Vessels for Supporting Houthis

By Editors | 07/03/2024

The sanctions also target Hong Kong-based and Marshall Islands-based companies, which own the two vessels.

Supervision & Enforcement

RBI Imposes Business Restrictions on IIFL Finance Limited

By Ajoy K Das | 07/03/2024

IIFL Finance provided customers gold loans in excess of the statutory LTV limit, among several other supervisory concerns.

Anti-Money Laundering

FCA Gives Firms 6 Months to Address Financial Crime Concerns

By Editors | 07/03/2024

The regulator found controls that haven’t kept pace with business growth, firms that aren’t properly resourced, and failures to properly assess risks.

Anti-Money Laundering

AUSTRAC Launches AML Probe Into Gambling Company Bet365

By Sanday Chongo Kabange | 07/03/2024

The probe follows a Nov 2022 order from AUSTRAC requiring Bet365 to appoint an external auditor to assess AML/CTF compliance.

Cryptocurrency

Hong Kong: More Clarity Needed on Proposed OTC Crypto Regime

By Nithya Subramanian | 07/03/2024

Clarity is needed on the scope of activities captured by the regime, how stablecoins will fit into the regime, and how professional investors will be treated.

Anti-Money Laundering

BSP to Enhance Reporting Rules for Money Services Businesses

By Editors | 06/03/2024

MSBs would also need to notify the BSP within five days of any event which may have a significant negative impact on their business or reputation.

Anti-Money Laundering

Singapore ACRA to Streamline Corporate Regulatory Processes

By Nithya Subramanian | 06/03/2024

A tiered framework will be established to enable ACRA to disclose data to meet statutory obligations relating to anti-money laundering.

Fraud, Scams & Cybercrime

Montenegro Court Halts Extradition of Terra’s Do Kwon to US

By Sanday Chongo Kabange | 06/03/2024

Do Kwon’s case will be retried because of procedural issues over who between the US and South Korea was first to request his extradition.

Supervision & Enforcement

SFC, HKEX Jointly Take Action Against GEM-Listed Firm

By Sanday Chongo Kabange | 06/03/2024

Two former directors misappropriated assets by paying an IPO consultant who subsequently rerouted the funds back to the directors.