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Regulatory Update

29th May 2020

‘Leaks and rumours’: UK regulator flags perils of bankers working from home

Bankers working from their kitchens or bedrooms may raise new risks around handling sensitive information, meaning financial firms must check if their surveillance systems can spot suspicious transactions, British regulators said on Wednesday. Since mid-March, many stock and bond traders have been working from home or back-up sites due to… Read More

27th May 2020

Armed with whistleblower tips, U.S. SEC cracks down on coronavirus misconduct

The novel coronavirus outbreak and economic fallout is proving to be a bonanza for whistleblower lawyers as the U.S. securities regulator cracks down on a range of related misconduct from companies touting sham cures to misuse of federal aid. The Securities and Exchange Commission (SEC) fielded about 4,000 complaints from… Read More

22nd May 2020

Myanmar: YSX, securities firms asked to beef up AML compliance

The Yangon Stock Exchange (YSX) and six securities companies were requested by the regulator to beef up their compliance and disclosure in line with its anti-money laundering regulations. The Securities and Exchange Commission (SECM), in a May 18 announcement, identified “insufficient information collection and reporting procedures” for both the bourse… Read More

19th May 2020

Hong Kong’s SFC Fines Southwest Securities for AML/CFT Failures

Hong Kong’s SFC (Securities and Futures Commission) has reprimanded and fined Southwest Securities HKD 5 million (USD 645,000) for failures to comply with AML/CFT requirements in 2016. Specifically, the SFC found that Southwest failed to implement adequate and effective policies and procedures to mitigate the risk of money laundering and… Read More

18th May 2020

Former top prosecutor says Riza deal ‘terrible for Malaysia’

AP — Malaysia’s former attorney-general said Monday that when prosecutors dropped money-laundering charges against “The Wolf of Wall Street” producer and stepson of ex-Prime Minister Najib Razak they gave him a “sweetheart deal” that is “terrible for Malaysia.” Former Attorney-General Tommy Thomas disputed statements by his successor and the country’s… Read More

11th May 2020

Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

The Singapore Police Force has raided ZenRock Commodities Trading following allegations from HSBC that the company was involved with a number of “dishonest” transactions. HSBC recently filed an application in Singapore’s High Court to replace ZenRock’s management over non-payment of dues and other issues, including the use of the… Read More

8th May 2020

U.S. reaches settlement to recover over $49 million involving Malaysia’s 1MDB: DOJ

The United States has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The Justice Department has estimated more than $4.5 billion was… Read More

8th May 2020

Oppenheimer to Explore Virtual Inspection of Branches, Chief Compliance Officer Says

Oppenheimer & Co. learned a lot about business continuity planning in 2012, after superstorm Sandy flooded its Manhattan offices, forcing some employees to work remotely. The broker-dealer is applying some of the lessons learned during that crisis as it manages lockdowns intended to prevent the spread of the novel coronavirus. Read More

5th May 2020

SEC Ramps Up Whistleblower Awards

The Securities and Exchange Commission has stepped up the awards it pays to whistleblowers after years of complaints that it has been slow to compensate them for the risks they take to help spot fraud. On Monday, the SEC announced its latest award, to a recipient who will get almost… Read More

4th May 2020

Alleged mastermind of Hong Kong’s biggest fraud case denies fresh charge

The alleged mastermind of the fraud involving Hong Kong’s largest independent financial advisory firm, Convoy Global Holdings, was charged with intent to deceive members of the company about its affairs by the city’s anti-corruption investigator as the trial got under way on Monday. Roy Cho Kwai-chee, the former executive director… Read More

Must Read

Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators

Perth businessman Chris Marco’s alleged Ponzi scheme left investors billions short, court told

Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering

Ex-South Korean leader headed for jail after losing final appeal in graft case

U.S. unveils more sanctions on Iran and sells off Iranian oil