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Fraud, Scams & Cybercrime
FSC Fines Bank of Taiwan Over Embezzled Customer Funds
By Editors | 01/08/2022
The illegal behavior lasted nearly 10 years, affecting nine customers, five of which were seniors. The total amount involved was about TWD 84.5 million.
Market Abuse
Korean Regulators Vow to Punish Illegal Short Selling Activities
By Editors | 29/07/2022
Regulators may revise laws as early as this year to require short sellers trading large quantities of stocks to file reports on their activity.
Anti-Money Laundering
AUSTRAC Proposes Rule Change to Accommodate ISO 20022
By Editors | 29/07/2022
The proposed amendments will enable reporting entities to submit IFTIs using the ISO 20022 message format.
PEPs & Sanctions
UK, EU Introduce Additional Sanctions Against Russia
By Manesh Samtani | 28/07/2022
The UK announced 42 new designations. The EU extended its sanctions and added 54 more individual and 10 more entity designations.
Fraud, Scams & Cybercrime
ASIC Warns of Prevalence of Payment Redirection Scams
By Editors | 28/07/2022
The latest ACCC data shows that payment redirection scams caused the highest losses to businesses in 2021.
Fraud, Scams & Cybercrime
Philippine Court Jails Seven Over Investment Scam
By Editors | 28/07/2022
Seven perpetrators of a PHP 3 billion investment scam were sentenced to 20 years in jail each on top of financial penalties. Four others remain at large.
PEPs & Sanctions
US Treasury Allows Payouts on Russia Bond CDS
By Editors | 28/07/2022
General licence authorises US persons to participate in auction processes and receive Russian bonds to settle CDS transactions with Russian entities.
Fraud, Scams & Cybercrime
US SEC Issues Fines Over Identity Theft Prevention Programmes
By Editors | 28/07/2022
JP Morgan Securities will pay a $1.2mn penalty, UBS Financial Services will pay $925,000, and TradeStation Securities will pay $425,000.
Cryptocurrency
Taiwan Prohibits Credit Card Usage for Crypto Transactions
By Darien Choong | 28/07/2022
Credit card companies that process payments for transactions involving virtual assets will have three months to stop.
Trading & Investment
China FIs Asked to Boost Bond Issuance by Private Enterprises
By Darien Choong | 27/07/2022
Financial institutions are asked to support private enterprises by helping them to issue bonds and increasing their investments in such bonds.
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