Financial Crime

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    PEPs & Sanctions

    Illicit Crypto Funds Flow Into Sanctioned Entities and Jurisdictions: Report

    By Nithya Subramanian | 01/03/2024

    Chainalysis said that entities in heavily sanctioned jurisdictions lack access to traditional financial systems and are attempting to use crypto to evade sanctions.

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    Cryptocurrency

    SFC Issues Guidance on Disciplinary Process Under Virtual Assets Regime

    By Sanday Chongo Kabange | 01/03/2024

    The guide describes the SFC’s process for taking disciplinary action, what such action can entail, and who can be subject to such action.

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    Cryptocurrency

    NYDFS Secures Return of $1.1bn to ‘Gemini Earn’ Investors

    By Editors | 01/03/2024

    Gemini Trust has committed to returning at least $1.1bn to customers who invested in its ‘Earn’ crypto lending programme.

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    Fraud, Scams & Cybercrime

    SG Firm Allegedly Swindled JPY 135 Billion in Japan’s Largest Scam

    By Nithya Subramanian | 01/03/2024

    Sky Premium International has been accused of involvement in foreign exchange margin trading, labeled as an illegitimate “pyramid scheme”, wooing investors through a network of 570 salespeople.

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    Cryptocurrency

    ASIC Secures Orders Preventing Ex-Crypto Boss from Leaving Australia

    By Sanday Chongo Kabange | 01/03/2024

    ASIC is investigating former directors of Blockchain Global Limited over the A$50mn collapse of a crypto exchange they operated.

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    Fraud, Scams & Cybercrime

    “Money Lock” is Effective in Scam Protection: Singapore Minister

    By Nithya Subramanian | 01/03/2024

    Minister Alvin Tan said there have been no scam reports involving funds under Money Lock, and that other banks will roll out the feature by mid-2024.

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    Trading & Investment

    China: State Backed Investors Continue to Support Stock Market

    By Manesh Samtani | 01/03/2024

    UBS says over $57bn of state funds flowed into Chinese ETFs this year. Meanwhile the CSRC pledges to support the capital market and protect investors’ rights.

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    Fraud, Scams & Cybercrime

    NZ Minister Demands Immediate Action from Banks on Scams

    By Editors | 29/02/2024

    Confirmation of payee system to be established, Code of Banking Practice to be updated; voluntary reimbursement scheme to be investigated.

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    PEPs & Sanctions

    UK Issues Updated Sanctions Guidance for Maritime Sector

    By Editors | 29/02/2024

    The guidance is intended for firms operating within UK territories or dealing with UK-affiliated entities.

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    Anti-Money Laundering

    Philippines: FIs That Deal with Unregistered DNFBPs Will Face Penalties

    By Sanday Chongo Kabange | 29/02/2024

    The AMLC said covered persons can only conduct business dealing with DNFBPs if they have valid registration certificates.

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