Financial Crime

Market Abuse

CSRC Punishes 63 Employees of China Merchant Securities

By Editors | 10/02/2024

The CSRC warned of increased on-site inspections and a coming crackdown on illegal stock speculation and “irresponsible behavior” by securities practitioners.

Fraud, Scams & Cybercrime

India: Industry Body to Publish Whitelist of Digital Lenders

By Ajoy K Das | 09/02/2024

The Digital Lenders’ Association of India said borrowers will be able to use the list to protect themselves against scammers and fake apps.

PEPs & Sanctions

OFAC Announces Russian Diamond Ban, Price Cap Sanctions

By Editors | 09/02/2024

Import ban on Russian diamonds starts 1 March 2024. New sanctions target UAE-based entities and an oil tanker.

PEPs & Sanctions

Australian Court Rejects Sanctions Challenge from Rusal Founder

By Editors | 09/02/2024

The Federal Court ruled that the sanctions imposed on Russian oligarch Oleg Deripaska were valid and proportionate.

Market Abuse

Goldman Agrees to Penalties for Trade Surveillance Failures

By Editors | 09/02/2024

Goldman did not include some of the securities it traded in surveillance reports between February 2009 and mid-April 2023.

Anti-Money Laundering

New FinCEN Rule Targets Money Laundering in Real Estate

By Editors | 09/02/2024

Certain real estate professionals would be required to report all-cash transfers of residential real estate to legal entities or trusts.

Anti-Bribery & Corruption

Former CEO of Aon Singapore Charged With Bribery

By Nithya Subramanian | 09/02/2024

Collin Chiew has been accused of receiving SGD 668,000 in bribes and faces five counts of corruption as well as a money laundering charge.

KYC & CDD

HKMA Directs Banks to Ensure Their CDD is “Risk-based”

By Manesh Samtani | 09/02/2024

Asking customers to provide details or proof of salary, employment or investments dating back years is “not consistent” with the risk-based approach.

Cryptocurrency

Hong Kong Proposes Regulatory Framework for OTC Crypto Venues

By Manesh Samtani | 09/02/2024

Firms providing “spot trade of any virtual assets for money” such as physical shops and ATMs would have to be licensed by the Commissioner of Customs and Excise.