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Fraud, Scams & Cybercrime
FSC Korea Penalises Shinhan Bank for Lime Fund Mis-selling
By Editors | 08/07/2022
Shinhan Bank is being suspended for three months from selling new private equity fund products and fined KRW 5.7 billion.
Cryptocurrency
Crypto Firm Voyager Digital Files for Bankruptcy, FDIC Opens Probes
By Editors | 08/07/2022
Voyager previously used wording on a company web page implying that deposit protection could apply in the event of the company’s own failure.
Emerging Prudential Risks
BCBS Issues Guidance for Supervisors on Proportionality
By Editors | 08/07/2022
Proportionate approaches provide regulatory certainty without being overly static, which can create favourable operating environments for both banks and supervisors.
Tokenisation
Chinese Bigtechs Pledge to Prevent, Deter NFT Speculation
By Editors | 07/07/2022
Tencent and Ant Group are among those that have pledged to adhere to China’s crypto ban and prevent speculation on platforms that deal in ‘digital collectibles’.
Cybersecurity
GLEIF Launches vLEI Issuer Qualification Programme
By Manesh Samtani | 07/07/2022
The vLEI is a digital version of the LEI which can be securely verified online against the source information held in GLEIF’s data repository.
Market Abuse
China to Intensify Supervision of Hog Futures Market
By Editors | 07/07/2022
The Dalian Commodity Exchange has been directed to enhance supervision and monitoring for abnormal transactions and speculative activity.
Supervision & Enforcement
CFTC Fines BNP, JPM for Swap Reporting Violations
By Editors | 06/07/2022
BNP Paribas agreed to pay USD 6 million for failing to correctly report over three million swap transactions. JPMorgan was fined USD 850,000.
PEPs & Sanctions
Crypto Industry Seeks Public Sector Support on Sanctions Issues
By Manesh Samtani | 06/07/2022
More than 15 million crypto addresses have been linked to criminal activity with a nexus in Russia, a new GDF report says.
Anti-Money Laundering
Puerto Rico Forces Closure of Bank Involved in Global Tax Probe
By Manesh Samtani | 06/07/2022
Peter Schiff’s Euro Pacific Bank was forced to close over capital shortfall and regulatory violations. The bank has been at the centre of a global tax evasion probe.
Anti-Money Laundering
EU Council Agrees Position on Bloc-Wide AML Authority
By Editors | 06/07/2022
The AMLA will directly supervise certain types of credit and financial institutions, including crypto asset service providers, starting in 2026.
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