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ANALYSIS: AML Controls Amid Pandemic Are Shaken, Not Deterred

In 2020, U.S. regulators signaled that anti-money laundering (AML) compliance would remain a perennial favorite of theirs. This heightened regulatory scrutiny was not deterred by the additional complications caused by the Covid-19 pandemic. If anything, regulatory concerns were exacerbated by pandemic-related fraud schemes targeting financial institutions. Read More

Hong Kong’s SFC Privately Clears Way for Compliance with U.S. Sanctions

Hong Kong’s Securities and Futures Commission has privately told financial institutions that they can comply with U.S. sanctions without facing automatic reprisals under the jurisdiction’s new national security law, the Financial Times reported. The counsel comes in response to legal concerns that a clause in the security law would… Read More

Hong Kong to align crypto regulatory framework with FATF standards

Hong Kong’s government has launched a consultation on legislative proposals to enhance the city’s AML/CTF regime, including through the introduction of a new licensing regime for VASPs (virtual asset services providers) that are currently unregulated. “The legislative proposals are intended to bring Hong Kong’s regulatory regime up to date in… Read More

6th November 2020

South Korea: Probe launched into allegations against top prosecutor’s wife over bribery and stock manipulation

The prosecution has launched a probe into allegations that Prosecutor General Yoon Seok-youl’s wife was involved in bribery and stock manipulation cases, judicial sources said Thursday. According to the sources, the Seoul Central District Prosecutors Office has assigned the cases to an anti-corruption investigation team to look into the allegations… Read More

5th November 2020

CFTC to offer lower fines to offenders that cooperate

The U.S. derivatives watchdog is planning to offer rewards to companies that turn themselves in, following in the footsteps of other regulators and law-enforcement agencies. The Commodity Futures and Trading Commission is expected to release guidance Thursday spelling out how companies that self-report potential misconduct, cooperate with investigators and take… Read More

4th November 2020

Korean prosecutors raid brokerage firms over Lime Asset mis-selling

South Korean prosecutors have raided two brokerage firms in connection with a growing financial fraud scandal involving hedge fund Lime Asset Management, according to local media reports. Lime Asset is accused of providing inaccurate information about fund products sold to customers through banks and securities firms. Almost 4000 investors… Read More

28th October 2020

Indonesian tycoon sentenced to life in jail for stock manipulation

An Indonesian graft court has sentenced businessman Benny Tjokrosaputro to life in prison for a stock manipulation scheme that helped trigger losses of more than $1 billion at state insurer Asuransi Jiwasraya, state news agency Antara said. Three of the insurer’s executives were among the five other defendants sentenced to… Read More

28th October 2020

Philippines: Senate to tackle proposals to amend AMLA

The Senate will start hearing the proposals to amend the Anti-Money Laundering Act (AMLA) to help boost the government’s efforts against the entry and flow of illegal money in the Philippines. “We expect to have an all-hands-on-deck involvement of top officials of concerned agencies in tackling this vital anti-corruption and… Read More

22nd October 2020

Vitol executive’s secret recordings to expand Brazilian oil bribery probe

Brazilian police expanded a long-running corruption probe at state-controlled oil company Petroleo Brasileiro SA based in part on secret recordings made by a former executive of Swiss trading firm Vitol SA, according to court documents released on Tuesday. Police on Tuesday served warrants seeking documents from six people and two… Read More

21st October 2020

3 South Florida ‘brokers’ charged in $4.9 million scam that SEC says targeted seniors

Two felons and a former stockbroker who played legitimate stockbrokers are the latest charged in a $4.9 million penny stock scam swirling around Palm Beach Gardens-based NIT Enterprises. The Securities and Exchange Commission charged Hollywood’s Mason Newman, Boca Raton’s Christian Baquerizo and Fort Lauderdale’s Kevin Cardenas with fraudulently selling $1.4… Read More

20th October 2020

Goldman Poised to Pay More Than $2 Billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s role in Malaysia’s 1MDB scandal, and the deal may be announced within days, according to people familiar with the matter. The accord, part of an international… Read More

20th October 2020

How ING bank in Poland helped Russians launder money

The Polish unit of the Dutch bank ING, ING Bank Slaski, for years allegedly helped Russian and Ukrainian oligarchs move huge sums of money out of ex-Soviet Union countries, according to the US Treasury’s fraud investigation department, FinCen. FinCen files were leaked to and published by the International Consortium… Read More

19th October 2020

With traders far from offices, banks bring surveillance to homes

In this open-ended era of working from home, the financial industry is taking unprecedented steps to police bankers and prevent wrongdoing. Traders at firms like Barclays Plc must certify they work in separate rooms to housemates. Morgan Stanley bankers are using laptops where every key stroke is recorded. Read More

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