Financial Crime

Anti-Money Laundering

Malaysian Authorities Bust Illegal Money Services Network

By Editors | 05/08/2019

In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.

Fraud, Scams & Cybercrime

Japan Post to Check 30mn Contracts in Insurance Mis-selling Probe

By Editors | 02/08/2019

Up to 183,000 Japan Post customers have been affected by unlawful insurance sales practices over the past five years, double the amount initially found.

Conduct, Culture & Accountability

Compensation for Poor Advice Reaches A$120m: ASIC

By Editors | 02/08/2019

NAB paid the most to compensate customers for failures by the largest number of advisers, and is expected to take the longest to complete its remediation programme.

Market Abuse

Thailand SEC to Incorporate AI in Price Manipulation Probes

By Editors | 02/08/2019

Existing investigation and fact-finding procedures currently take 1.5 years before civil sanctions or penalties are imposed.

Anti-Bribery & Corruption

Former China Development Bank Chairman in Corruption Probe

By Editors | 01/08/2019

The bank’s former chairman is said to have channelled bribes to a party official from the now-missing former chairman of a conglomerate, CEFC China Energy.

Market Abuse

Five Major Banks Face UK Class Action in FX Rigging Case

By Editors | 31/07/2019

The class action, estimated to be worth more than $1.2bn for trades executed in the UK, follows a similar-size fine levied against the banks by the European Commission in May.

Anti-Money Laundering

Global Money Launderers Move in on Japan – Report

By Editors | 30/07/2019

Criminal organisations are increasing seeking the use of bank accounts in Japan to disguise illicit profits, with incidents of money laundering rising 40% year-on-year.

Anti-Bribery & Corruption

Another CBIRC Official Placed Under Corruption Probe

By Editors | 30/07/2019

China’s Central Commission for Discipline Inspection has reportedly opened a corruption probe into the CBIRC’s Fujian branch head, Qi Xinzheng.

Conduct, Culture & Accountability

ASIC Takes ANZ Bank to Court for Unlawful Fees

By Editors | 26/07/2019

ANZ charged fees on transactions between its customers’ own accounts, despite the fees only being applicable to transactions made to “another person or business”.