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Enforcement
AML / KYC
Bangladesh’s Sonali Bank Freezes Accounts of Myanmar State Banks
By Editors | 18/08/2023
The move was made in response to direct requests from US authorities, who sanctioned two of Myanmar’s state-owned banks in June.
Enforcement
RBA Drops Plan to Ban Default Routing on Debit Cards
By Ranamita Chakraborty | 18/08/2023
A recent public consultation raised concerns that the ban could lead to unsuccessful transactions and necessitate the expensive reissuing of all debit cards.
AML / KYC
Taiwan Sentences Corrupt Official to 8 Years in Prison
By Editors | 18/08/2023
The official committed property fraud, document forgery, money laundering, and accepted bribes in the form of cash, banquets and sexual entertainment.
Enforcement
ATO Has Stopped A$2.7b in Fraudulent GST Claims
By Editors | 17/08/2023
Fraudulent GST claims have led to more than 100 arrests, 10 convictions, and compliance actions taken against as many as 56,000 people.
AML / KYC
Ex-Sembcorp Marine Exec Charged in Singapore for Corruption Offences
By Editors | 17/08/2023
The former executive obtained or attempted to obtain bribes totalling more than SGD 202,000 over six years, the CPIB said.
AML / KYC
Korea to Crack Down on Financial Crime Involving Capital Markets
By Editors | 16/08/2023
The FSS and National Office of Investigation have signed an MoU to strengthen cooperation on illegal activities in the capital market.
AML / KYC
Singapore Police Arrests 10 Foreigners for Forgery, Money Laundering
By Manesh Samtani | 16/08/2023
The suspects were involved in laundering proceeds from organised crime activities. MAS is scrutinising FIs where tainted funds were found.
ESG / Sustainability
US SEC Scrutinising ESG Marketing by Fund Managers – Report
By Sanday Chongo Kabange | 16/08/2023
The SEC’s enforcement division sent document requests to several asset managers seeking information about their ESG strategies and marketing prepositions.
Enforcement
Hong Kong IA Bans Ex-StanChart Agent for Six Months
By Editors | 16/08/2023
The agent doctored a DDA form because the client’s signature was missing on one page. The SFC previously disciplined the same individual.
Fintech / Regtech
HKMA Asks Banks to Participate in New Data Sharing Initiative
By Editors | 15/08/2023
The Interbank Account Data Sharing Initiative will enable banks to share bank account data with other banks, subject to customer consent.
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