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Financial Crime
Market Abuse
Korea Fines BNP Paribas, HSBC $20.4m for Illegal Short Selling
By Editors | 26/12/2023
The FSC said the naked short-selling transactions lasted for months and were thus were “viewed as not inadvertent but intentional.”
PEPs & Sanctions
Singapore Announces Criminal Charges Over DPRK Gasoil Sales
By Editors | 26/12/2023
Defendants are accused of shipping gasoil to North Korea in violation of UN sanctions via the MT Courageous, an oil tanker seized by the US in 2021.
AI Risk & Governance
OECD Calls for Financial Regulators to Guide GenAI Deployment
By Ranamita Chakraborty | 26/12/2023
Financial regulatory frameworks safeguard market integrity and ensure consumer protection against risks associated with GenAI’s adoption, noted an OECD paper.
PEPs & Sanctions
US Threatens Foreign Banks with Sanctions over Russia Transactions
By Editors | 23/12/2023
New executive order authorises OFAC to sanction non-US banks for facilitating certain Russian transactions as US imposes new restrictions on Russian seafood and gold imports.
PEPs & Sanctions
Insurer Settles with OFAC after Issuing Policies to Sanctioned Russian’s Company
By Editors | 23/12/2023
US-based Privilege Underwriters Reciprocal Exchange agreed to pay USD 466,000 over policy written for Panamanian company owned by sanctioned oligarch Viktor Vekselberg.
Fraud, Scams & Cybercrime
Hong Kong MPFA Calls for Action to Guard Against Fraud
By Sanday Chongo Kabange | 23/12/2023
The MPFA issued two circulars offering guidance to MPF intermediaries and MPF trustees on guarding against fraudlent activities.
Fraud, Scams & Cybercrime
Singapore Authorities Warn of Scammers Posing as MAS Officers
By Mark Johnston | 22/12/2023
The scammers accuse victims of being involved in criminal activities before asking them to transfer money to designated “security accounts”.
Market Abuse
Korea Considers Naked Short-selling Penalties for Global Banks
By Editors | 22/12/2023
Last month, Korean regulators said they found that the Hong Kong units of HSBC and BNP Paribas committed naked short selling.
KYC & CDD
FinCEN Issues Final Rule on Access to Beneficial Ownership Information
By Manesh Samtani | 22/12/2023
The final rule prescribes the circumstances under which BOI may be disclosed, including to FIs and foreign governments, and how it must be protected.
KYC & CDD
Malaysia Mulls Legal Action Against Foreign Banks Over 1MDB
By Mark Johnston | 22/12/2023
At least eight foreign banks neglected KYC verification procedures, resulting in misdirection of 1MDB funds into unintended accounts.
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