Financial Crime

Anti-Bribery & Corruption

Former Bank of China Branch Head Jailed for Life for Embezzlement

By Editors | 15/12/2023

Xu Guojun and accomplices embezzled and misappropriated over $323mn in China’s banking sector’s biggest-ever corruption case.

Market Abuse

Korea Enhances Whistleblower System to Combat Unfair Trading

By Manesh Samtani | 15/12/2023

The maximum reward limit is being increased and anonymous reporting is being introduced to encourage more active reporting by the public.

Credit Risk

Korea Relaxes FHC Rules on Lending to Overseas Subsidiaries

By Editors | 15/12/2023

The FSC said the amendments, effective on 1 January, will “contribute to revitalising the overseas expansion of Korean financial companies”.

Market Abuse

SBI Securities Accused of Manipulating Stock Prices – Reports

By Editors | 15/12/2023

SBI Securities allegedly asked investors to buy shares in stocks that it underwrote on the first day of trading to prop up their stock prices.

Anti-Money Laundering

EU Lawmakers Reach Agreement on AMLA Establishment

By Editors | 14/12/2023

Co-rapporteur Eva Maria Poptcheva said the new Anti-Money Laundering Authority will be a “game changer to crack down on dirty money in the EU”.

Anti-Money Laundering

RBNZ Issues Formal AML/CFT Warning to Citibank

By Sanday Chongo Kabange | 14/12/2023

Citibank NZ failed to pass on the identities of the originators of 64,000 wire transfers between 2017 and 2022.

PEPs & Sanctions

US and UK Announce New Round of Sanctions on Hamas Leadership

By Editors | 14/12/2023

The coordinated US and UK asset freezes and travel bans target Hamas leaders and financiers throughout the Middle East.

PEPs & Sanctions

Crypto Exchange Pays OFAC USD 1.2 Million to Settle Crimea Violations

By Editors | 14/12/2023

US-based CoinList Markets processed 989 transactions on behalf of users in the Crimea region in violation of OFAC sanctions regulations.

Anti-Bribery & Corruption

SFC Bans Ex Employee of OCBC Wing Hang Bank

By Sanday Chongo Kabange | 13/12/2023

The employee was earlier convicted for offering a colleague a bribe to refer mortgage refinancing clients to an external party.