Financial Crime

PEPs & Sanctions

US Imposes Sanctions on 27 Iranian Entities, Individuals

By Editors | 22/09/2020

Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.

Structural Regulation

China Issues Implementing Rules for ‘Unreliable Entity List’

By Editors | 22/09/2020

Foreign firms and individuals could be hit with trade, investment and visa restrictions is they fail to “correct” their behaviour within a time limit.

Market Abuse

Korea FSS Fines Four Foreign Fund Managers for Naked Short Selling

By Editors | 22/09/2020

One firm was fined KRW 360mn for failing to borrow KRW 13mn worth of stock prior to short-selling, a penalty of more than 27 times the amount short-sold.

Anti-Money Laundering

Australian Banks Flagged in SARs from FinCEN Files

By Editors | 21/09/2020

Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.

Anti-Money Laundering

MAS ‘Closely Studying’ Singapore Mentions in FinCEN Files

By Editors | 21/09/2020

The SARs contained in the FinCEN Files flagged 1,781 transactions that flowed through Singapore as potentially suspicious.

Anti-Money Laundering

FinCEN Files Reveal AML Failures at Global Banks

By Manesh Samtani | 21/09/2020

The trove of documents shows that the banks allowed $2tr to flow through the financial system despite having flagged the transactions as suspicious.

Anti-Money Laundering

Global AML Reforms Need to Be More Ambitious

By Che Sidanius | 21/09/2020

The European Commission is taking decisive action to fight financial crime by reforming its AML rules and enforcement mechanism, writes Refinitiv’s Che Sidanius.

Anti-Money Laundering

Covid-19 Presents Opportunity to Disrupt Criminals: APG

By Editors | 20/09/2020

In its latest typologies report, the APG says Covid-19 may provide a unique opportunity for law enforcement and FIUs to detect and disrupt certain money laundering operations.

Market Abuse

Korea to Introduce Civil Penalties for Unfair Trading

By Editors | 20/09/2020

Currently, unfair trading activities are punishable under criminal law, but prosecutions often take a long time due to the high burden of proof required.