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Market Abuse
SFC Wins Final Appeal in 2007 Insider Dealing Case
By Manesh Samtani | 07/04/2021
The Market Misconduct Tribunal and Court of Appeal both ruled against the SFC before the case was brought to the Court of Final Appeal.
Anti-Money Laundering
Japan Crypto Industry to Adopt Travel Rule by April 2022
By Sanday Chongo Kabange | 07/04/2021
The FSA has written to the JVCEA advising it to start preparing for the implementation of the travel rule in Japan’s crypto industry.
Market Abuse
SFC Adds ‘Ramp-and-Dump’ Syndicate Member to Wanted List
By Editors | 07/04/2021
An arrest warrant was issued for Zeng Lingxi, an alleged member of a syndicate suspected of operating ramp-and-dump scams on social media.
Market Abuse
Korea Set to Introduce Tougher Penalties for Illegal Short Selling
By Editors | 06/04/2021
Illegal short sellers can face fines of up to 100% of the amount of the short selling order, imprisonment for a year or more, and additional penalties up to five times unfair profits.
Conduct, Culture & Accountability
ASIC Launches Legal Action Against CBA for Overcharging Customers
By Editors | 06/04/2021
ASIC says CBA incorrectly charged monthly access fees to customers who were entitled to fee waivers between June 2010 and September 2019.
Fraud, Scams & Cybercrime
ABA Updates Guidelines on Preventing Elder Abuse
By Ranamita Chakraborty | 06/04/2021
The ABA is calling on governments across Australia to establish consistent power of attorney laws across the country and a national POA register.
Supervision & Enforcement
US SEC Opens Preliminary Investigation into Archegos Collapse
By Manesh Samtani | 06/04/2021
Credit Suisse expects a $4.7bn loss from the collapse of Archegos. The bank has suspended share buybacks, cut its dividend, and announced the departure of seven key executives.
Anti-Money Laundering
Australia Lags Regional Peers on DNFBP Regulation: Report
By Manesh Samtani | 03/04/2021
Australia is sending a message to financial criminals around the world that its lawyers, accountants and property market are open for business.
KYC & CDD
Hong Kong to Allow Companies to Conceal Director Identities
By Manesh Samtani | 03/04/2021
The proposal will hamper the ability of investors, banks, property agents, researchers and journalists to carry out due diligence on transactions and counterparties.
KYC & CDD
China Issues Draft Rules on Beneficial Ownership Identification
By Editors | 03/04/2021
FIs will be required to verify the identities of all ultimate beneficial owners of accounts opened and maintained for all customers.
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