Financial Crime

Anti-Money Laundering

BitMEX to Pay $100m in Civil Penalties for US Regulatory Breaches

By Editors | 12/08/2021

BitMEX unlawfully accepted orders and funds from US customers to trade cryptocurrencies and failed to have in place an AML and user verification programme.

Anti-Money Laundering

HKMA Issues “Mandate” for Innovation in AML/CFT

By Manesh Samtani | 12/08/2021

The HKMA will launch interactive lab sessions to experiment with new technologies and emerging data analytics techniques, with an initial focus on network analytics and NLP.

Emerging Prudential Risks

New Zealand Parliament Passes Reserve Bank Bill

By Sanday Chongo Kabange | 11/08/2021

The bill will strengthen the RBNZ’s decision-making, governance, independence and accountability, and change its funding model.

Market Abuse

Singapore Sees Resurgence of ‘Pump and Dump’ Scams

By Editors | 11/08/2021

Seven victims recently bought more than 49,000 shares in a US-listed company based on the recommendation of an “expert” and lost over $1mn within two days.

DeFi & Web3

DeFi Accounts for Majority of Crypto Hacks, Frauds in 2021

By Sanday Chongo Kabange | 11/08/2021

In H1 2021, DeFi accounted for 76% of major crypto hack volume and 54% of major crypto fraud volume, according to CipherTrace.

Anti-Money Laundering

Chinese Nationals Face US Jail For Laundering Drug Money

By Editors | 11/08/2021

Six Chinese nationals face jail for conspiracy to launder money for El Chapo-linked drug cartels, using casinos, front companies, and false passports.

Structural Regulation

RBI Issues Consultation on Overseas Investments Rules

By Editors | 11/08/2021

The central bank said it wants to further liberalise the regulatory framework for overseas investment and promote ease of doing business.

Anti-Money Laundering

RBNZ Issues Formal Warning to Westpac for AML Failures

By Editors | 11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.

Anti-Bribery & Corruption

Former HKEX Exec Pleads Not Guilty to Corruption Charges

By Editors | 11/08/2021

The former co-head of HKEX’s IPO-vetting team, Eugene Yeoh, was arrested in June 2019 for alleged bribery and misconduct in public office.