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South Korea to Impose Heavy Penalty on Cryptocurrency Violations

The Financial Services Commission of Korea (FSC) introduced new penalty standards for cryptocurrency service providers today. The financial regulator is planning to impose heavy penalties on digital exchanges in the country if they fail to report suspicious transactions. According to the official announcement, FSC has asked local crypto exchanges… Read More

Thailand: Amlo impounds B1bn assets of alleged gambling bosses

The Anti-Money Laundering Office has impounded assets worth more than one billion baht from two gambling operators arrested during a crackdown on dirty money last month. Amlo deputy secretary-general Piyaphan Pingmuang on Wednesday announced the decision to freeze the assets of three people – Siapo Po-arnon, his mother Banyen Channara… Read More

Credit Suisse Missed Many Warnings Before Greensill’s Collapse

Long before Credit Suisse Group AG was forced to wind down a $10 billion group of funds it ran with financier Lex Greensill, there were plenty of red flags. Executives at the bank knew early on that a large portion of the assets in the funds were tied to… Read More
8th March 2021
An increase in the contactless payment limit to £100 may cause an surge in thefts and fraud, figures working in banking and finance have warned. The amount that people can spend on “tap and go” cards is currently limited to £45 but is set to more than double to a… Read More
4th March 2021
Florida private equity manager Elliot Smerling has overseen a growing empire of private equity funds reportedly worth more than $1.8 billion and lived a lavish lifestyle, with homes in Florida, New York and Brazil as well as a collection of luxury cars including a Ferrari, a Corvette and a Cadillac… Read More
3rd March 2021
Lithuanian businessman Rimandas Stonys, active in the energy area, has been detained as part of an investigation into a fuel VAT fraud scheme, sources confirmed to BNS on Tuesday. LNK News reported on Tuesday that Stonys was being questioned in Kaunas. Stonys is the owner of Kauno Termofikacinė Elektrinė and… Read More
3rd March 2021
Britain’s financial watchdog must act faster on scams, its chair said on Monday as he announced that senior officials face pay cuts and no bonuses following criticism of the regulator’s role in the collapse of London Capital & Finance (LCF) investment fund. Financial Conduct Authority (FCA) Chair Charles Randell said… Read More
3rd March 2021
In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through… Read More
2nd March 2021
The Financial Action Task Force (FATF) is open to amending the “travel rule,” its guidance for cryptocurrency exchanges and companies providing crypto services. The anti-money laundering watchdog said Thursday it is confident the crypto industry will be able to implement complex data… Read More
1st March 2021
EU countries reached a preliminary agreement to sanction four Russian government officials over the jailing of opposition leader Alexei Navalny, according to four diplomats. The deal was reached Friday in a technical working group of the Council of the EU, called Relex, which deals with the legal complexity of sanctions. Read More
24th February 2021
Two former KPMG auditors were suspended from practicing before the Securities and Exchange Commission over alleged improper professional conduct during a 2015 audit of a now-defunct not-for-profit college that had overstated its assets, the agency said. The SEC said that Christopher Stanley, a former KPMG partner, and Jennifer Stewart, a… Read More
24th February 2021
EU foreign ministers on Monday imposed sanctions on 19 leading Venezuelan officials accused of undermining democracy or violating human rights in the South American country. The officials — which include high-ranking generals and other army commanders as well as supreme court judges and senior politicians from the regime of strongman… Read More
23rd February 2021
Nationalist MP Karol Aquilina, shadow minister for justice, insisted in parliament on Monday that the government needs to let the institutions work against money laundering, and it also needs to explain why no action has been taken yet against Pilatus Bank, those allegedly involved in kickbacks on the sale of… Read More