ADVERTISEMENT
Financial Crime
PEPs & Sanctions
OFAC Issues First Sanctions for Breaches of Russia Oil Price Cap
By Editors | 15/10/2023
A new advisory was also released offering recommendations to the maritime industry and related sectors to enhance compliance with the price caps.
Supervision & Enforcement
Korea FSS to Continue ‘High-intensity Supervision’ of Banks
By Editors | 15/10/2023
The FSS shared the results of self-inspections by banks to assess their internal controls for preventing embezzlement and other ‘financial accidents’.
Fraud, Scams & Cybercrime
Hong Kong: ICAC Arrests 20 for MPF Withdrawal Fraud
By Mark Johnston | 14/10/2023
The ICAC arrested 20 people, including an insurance agent, for allegedly using forged documents to withdraw MPF balances early.
Anti-Money Laundering
SEBI Revises AML Guidelines for Securities Market Intermediaries
By Mark Johnston | 13/10/2023
The revisions lower the shareholding threshold for partners of a firm to be considered as beneficial owners from 15 to 10 percent, among other changes.
Fraud, Scams & Cybercrime
Korea FSS Vows to Punish Daegu Bank for Opening Fake Accounts
By Sanday Chongo Kabange | 13/10/2023
FSS inspections found that 1,662 securities accounts were illegally opened by 114 employees across 56 Daegu Bank branches.
Anti-Bribery & Corruption
HK ICAC Hosts First Belt & Road Anti-Corruption Training
By Sanday Chongo Kabange | 13/10/2023
The ICAC said it is contributing to building a “Clean Silk Road” by providing anti-corruption training to Belt and Road countries.
DeFi & Web3
ESMA Publishes Two Papers on DeFi Risks and Categorisation
By Mark Johnston | 13/10/2023
One paper analyses the main features, benefits and challenges of DeFi. The other proposes a methodology to classify smart contracts.
Conduct, Culture & Accountability
UK FCA Seeks to Fine & Ban Former CEO of Barclays
By Editors | 13/10/2023
The FCA said James Staley “recklessly approved” a letter to the FCA containing misleading statements about his relationship with Jeffrey Epstein.
Fraud, Scams & Cybercrime
US Regulators File Suit Against Former CEO of Voyager Digital
By Manesh Samtani | 13/10/2023
The CFTC and FTC filed parallel actions alleging Stephen Ehrlich misled customers and caused more than $1bn in losses to Voyager customers.
KYC & CDD
Bank of Baroda Ordered to Halt Mobile App Onboarding
By Editors | 13/10/2023
The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.