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Financial Crime
PEPs & Sanctions
Russia Closer to Allow Digital Assets in International Settlements
By Editors | 28/02/2024
Approval of draft legislation by Russian lawmakers comes amid threats that the US would sanction third-country FIs that facilitate trade with Russia.
Data Privacy
China Expands State Secrets Law to Include “Work Secrets”
By Editors | 28/02/2024
The expanded law may make it more difficult for foreign firms to access information for making decisions regarding their China operations.
Fraud, Scams & Cybercrime
SEBI Cautions Investors of Fraudsters Claiming to Represent FPIs
By Ajoy K Das | 27/02/2024
Fraudsters are falsely claiming affiliations with SEBI-registered FPIs and offering trading opportunities and online courses to entice investors.
Fraud, Scams & Cybercrime
HK-based Crypto Firm BitForex Disappears With User Funds
By Mark Johnston | 27/02/2024
$56mn in crypto was removed from the exchange before it stopped processing transactions and responding to user queries.
Market Abuse
SFC Launches Proceedings Against Ex-Chairman of Ding Yi Feng
By Sanday Chongo Kabange | 27/02/2024
The SFC is seeking orders requiring the former chairman and 20 others to compensate investors for losses suffered as a result of a 2018 price manipulation scheme.
Anti-Money Laundering
FATF Consults on R.16 Changes to Improve Payment Transparency
By Manesh Samtani | 27/02/2024
The revisions would help guard against fraud by requiring beneficiary FIs to check the alignment of beneficiary information in payment messages.
Fraud, Scams & Cybercrime
Korea FSS Seeks Max Penalties for Alleged Fraud by Kakao Unit
By Mark Johnston | 27/02/2024
The FSS has issued a preliminary notice to Kakao Mobility, accusing it of inflating its revenue and engaging in accounting fraud.
Anti-Money Laundering
AUSTRAC Issues Draft Guidance on AML/CTF Outsourcing Arrangements
By Manesh Samtani | 27/02/2024
The guidance is intended to help reporting entities comply with their AML/CTF obligations when outsourcing to external providers.
Conduct, Culture & Accountability
Australia: Misconduct Compensation Scheme to Start in April
By Sanday Chongo Kabange | 27/02/2024
Compensation up to A$150,000 can be provided for misconduct related to financial advice, securities dealing or credit intermediation/provision.
Supervision & Enforcement
Swiss Crypto Hedge Fund Faces Legal Dispute Over FTX Exposure
By Mark Johnston | 27/02/2024
TGT accuses Tyr Capital of criminal mismanagement and ignoring internal risk limits in its exposure to FTX.
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