Financial Crime

Fraud, Scams & Cybercrime

SEBI Probes Exchanges, Brokers for Failure to Detect Karvy Fraud

By Editors | 29/11/2019

An NSE audit found that Karvy Stock Broking pledged 20 million rupees in client securities with various lenders to raise funds for its own use.

Anti-Money Laundering

SAFE Penalises JD.com Unit for Illegal Overseas Transfers

By Editors | 28/11/2019

The overseas transfers were reportedly used by mainland residents to participate in online gambling sites tied to popular Macau casinos with international licenses.

Anti-Money Laundering

Mizuho Ordered to Pay Caymans-related Back Taxes and Penalty

By Editors | 28/11/2019

The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.

Supervision & Enforcement

UK Regulator Penalises Citigroup for Reporting Failures

By Editors | 28/11/2019

Citi’s UK failings led to “significant errors” in the firms’ returns, preventing the Prudential Regulation Authority from obtaining an accurate picture of its capital or liquidity position.

Anti-Money Laundering

ANZ Offers Assurances as Industry Faces AML Scrutiny

By Editors | 28/11/2019

As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.

Anti-Money Laundering

Korea to Establish Legal Basis for Cryptocurrency Investment

By Editors | 27/11/2019

A bill passed by the national policy committee will subject digital asset businesses to penalties for not meeting FATF standards in their oversight systems for preventing money laundering.

Market Abuse

CSRC Formally Bars Manipulation of Futures Markets

By Editors | 27/11/2019

The CSRC prohibits four types of futures trading manipulation, including false trading and activities intended to spread false information or create confusion among investors.

Anti-Money Laundering

AML Audit Ordered by AUSTRAC Finds Afterpay ‘Low Risk’

By Editors | 26/11/2019

Following AUSTRAC’s order for Afterpay to review its AML/CTF compliance in June on suspicious of breaches, an external order has found the breaches only occurred due to the poor legal advice.

Anti-Money Laundering

Myanmar Announces Licensing Framework for Remittance Providers

By Editors | 26/11/2019

The move is aimed at providing a cost-effective channel for the legal movement of money into Myanmar and reduce the use of illegal money transfer brokers.