Financial Crime

Anti-Money Laundering

Malaysia Jails Eight Over Illegal Deposit-taking Scheme

By Editors | 05/08/2020

Eight individuals were sentenced to between three and nine years’ jail. Total fines issued, including against three companies, amount to $310mn.

Trading & Investment

SSE, SZSE Issue Rules on the Exchange of Corporate Bonds

By Editors | 05/08/2020

The rules require companies that issue replacement bonds to exchange for maturing debt to make exchange offers to all bondholders on an “equal and voluntary basis”.

Fraud, Scams & Cybercrime

Interpol Reveals ‘Alarming Rate’ of Cyberattacks During Covid-19

By Editors | 04/08/2020

Interpol warns that a further increase in cybercrime is highly likely in the near future, citing vulnerabilities related to working from home.

Fraud, Scams & Cybercrime

Ex-GM of Hong Kong Investment Firm Charged with Theft

By Editors | 04/08/2020

The former general manager of Max Dragon Investment is alleged to have stolen HK$22mn from the company bank account between December 2012 and May 2014.

Fraud, Scams & Cybercrime

Australia: Former Financial Adviser Jailed for Six Years

By Sanday Chongo Kabange | 04/08/2020

Graeme Walter Miller was sentenced to six years’ imprisonment for misappropriating close to A$2mn for his own purposes.

Fraud, Scams & Cybercrime

Chinese Regulators Complete Luckin Probe, Confirm Fraud

By Editors | 04/08/2020

The Ministry of Finance and State Administration for Market Regulation both intend to impose administrative penalties against Luckin Coffee for fraud.

PEPs & Sanctions

OFAC Sanctions Chinese Entity Over Human Rights Abuses

By Editors | 04/08/2020

The XPCC is considered by OFAC to be a paramilitary organisation with large commercial operations that that are likely to be impacted by US sanctions.

Anti-Money Laundering

MAS Issues Guidance on AML/CTF Enterprise-wide Risk Assessments

By Manesh Samtani | 04/08/2020

Financial institutions are directed to study the guidance to identify and address gaps in their EWRA frameworks and processes.

Market Abuse

FMSB Publishes Spotlight Review on Market Surveillance

By Sanday Chongo Kabange | 04/08/2020

The Spotlight Review looks at current and future challenges that FICC market participants face in market surveillance and the impact of machine learning.