Financial Crime

Fraud, Scams & Cybercrime

NYAG Sues Citi for Failing to Protect Customers from Fraud

By Editors | 31/01/2024

NYAG says Citi does not implement strong anti-fraud defences, misleads account holders about their rights, and illegally refuses to reimburse fraud victims.

PEPs & Sanctions

OFAC Sanctions Egypt, Turkey Nationals for Supporting ISIS

By Editors | 31/01/2024

Two Egyptian nationals created an online platform that provided instructions on donating funds to ISIS-affiliated entities.

Market Abuse

Westpac Fined A$9.8m for 2016 Pre-Hedging Case

By Sanday Chongo Kabange | 31/01/2024

Westpac will pay the maximum penalty of A$1.8mn allowed in 2016 for unconscionable conduct and another A$8mn for ASIC’s costs.

Conduct, Culture & Accountability

Korea Increases Rewards for Capital Market Whistleblowers

By Sanday Chongo Kabange | 31/01/2024

Whistleblower reports can also be filed anonymously, to better protect reporters of unfair transactions and market misconduct.

Fraud, Scams & Cybercrime

Taiwan Launches Campaign to Drive Anti Fraud Innovation

By Sanday Chongo Kabange | 31/01/2024

The campaign will use seminars, co-creation workshops, and pilot testing to promote innovative approaches to combatting fraud.

PEPs & Sanctions

EU Announces Human Rights Sanctions Against Russians

By Editors | 31/01/2024

Russia’s internet censorship agency and its chairperson were sanctioned, along with two judges and a prosecutor.

PEPs & Sanctions

Australia Commences Review of Autonomous Sanctions Regime

By Editors | 30/01/2024

The review will examine how the autonomous sanctions framework could better support the government’s foreign policy objectives.

PEPs & Sanctions

US, UK Target Iranian Assassinations Network With Sanctions

By Editors | 30/01/2024

The sanctioned individuals carried out “numerous acts of transnational repression including assassinations and kidnappings across multiple jurisdictions”.

Anti-Money Laundering

Italy Busts $1.9bn Tax Fraud Scheme Involving Chinese Shadow Banks

By Mark Johnston | 30/01/2024

Italian police uncover a tax fraud involving false invoices and Chinese underground banks, seizing assets worth EUR 350 million.