Good afternoon, Subscribers! We hope you have had a productive, and above all a healthy week.
This week in APAC headlines, Hong Kong's ambition to establish itself as a global cryptocurrency hub may encounter challenges, as the Securities and Futures Commission (SFC) have identified "unsatisfactory practices" at several exchanges applying for full licenses, following on-site inspections. Meanwhile, Hong Kong police have apprehended 27 individuals across three separate operations on suspicion of laundering HKD$310m (USD$39.78m), which includes proceeds from scam cases originating in Singapore and the United States.
In news out of the United States, Nordea Bank have reached a settlement with the New York State Department of Financial Services (DFS) following findings that the bank experienced compliance failures and did not perform adequate due diligence on its correspondent bank partners, while the SEC have charged 2 brothers with attempting to defraud over 80 investors through a USD$60m (HKD$467.66m) Ponzi scheme related to a cryptocurrency trading platform.
In EMEA headlines, a recently released report by KPMG revealed the number of fraud cases adjudicated in UK Crown Courts during the first half of the year to have increased by 16% compared to the same period in 2023, with money laundering being the most prevalent type in terms of monetary value. In a separate update, the UK's Financial Conduct Authority (FCA) have initiated an investigation into the sale of pure protection insurance products, expressing concerns that competition within the market is not functioning effectively. The regulatory body noted that certain commission arrangements could lead to negative outcomes for policyholders and raised alarms about some products potentially lacking value, particularly if lifetime premiums significantly exceed the maximum possible payout.
As always, please feel free to reach out to us for updates on Live Jobs, Movers and Shakers, and Market Intelligence.
Movers and Shakers
Sun Life - Niall Grady, Chief Risk Officer, Asia, from FWD Insurance. (Hong Kong)
Konami Gaming, Inc. - Lori Olk, SVP, Regulatory Compliance & Chief Compliance Officer, internally promoted. (Las Vegas)
Treliant - Brendan Mulvey, Managing Director, Regulatory Compliance, Mortgage & Operations, and Enterprise Risk Management Solutions Practice, from IBM. (New York City)
News of the Week
APAC
Hong Kong Crypto Hub Ambitions Stalled by SFC's Findings.
Hong Kong police arrest 27 in money-laundering blitz, with some cases linked to US, Singapore.
Hong Kong Monetary Authority Warns Public About Impersonation Scam.
Bank of China President Resigns for ‘Personal Reasons’.
Marcos Jnr’s Philippines rattled by Quiboloy crackdown, anti-corruption push.
Ex-vice premier indicted on corruption charges.
Hong Kong Regulator Finds 'Unsatisfactory Practices' at Some Crypto Entities Seeking Full License: Report.
What’s Singapore’s $2.3 Billion Money Laundering Scandal? What Are The Implications?
Former vice president of China Development Bank arrested for bribery.
5 more arrested for alleged corruption and bid rigging.
Financial regulator calls for active support for economy, businesses by brokerages.
SFC and HKEX Jointly Announce Temporary Modification to STC Listings and De-SPAC Transactions Effective 1 September.
Americas
SEC Charges U.S. Navy Shipbuilder Austal USA with Accounting Fraud.
Argentina arrests Russian national in money-laundering case linked to North Korea.
SEC Adopts Reporting Enhancements for Registered Investment Companies and Provides Guidance on Open-End Fund Liquidity Risk Management Programs.
The SEC’s ‘unconstitutional’ collection of trading data.
U.S. SEC Charges Two Brothers in $60M Ponzi Scam Using a Crypto Platform.
BNY Mellon to Pay $5M Civil Penalty to CFTC for Swap Reporting Lapses.
Nordea Reaches Settlement With New York DFS Over Compliance Failures.
The US courts may have thrown a wrench into cyber regulation.
SEC Issues $24 Million Awards to Two Whistleblowers.
Citi fired whistleblower for underperformance, bank says.
EMEA
Money Laundering Dominates UK Fraud Cases.
Chinese gang who laundered £55m and arranged shady cash deals around London are jailed for nearly 25 years.
Telegram CEO charges include distributing CSAM and money laundering.
UK’s crypto dreams stall as registrations with financial regulator remain low.
Nigerian judge to hear money laundering case against Binance next week.
FCA Chair Allegedly Revealed Whistleblower’s Identity.
Binance CEO Richard Teng on Global Expansion and Regulatory Compliance.
UK financial regulator to review pure protection insurance market.
Aus&Nz
Kraken loses bid to dismiss SEC suit, loses fight with Aussie securities regulator.
ASIC announces new taskforce to review private credit.