Anti-Financial Crime & Financial Crime Compliance
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NEWS: SAR from Dutch bank catches home care boss using public money to fund luxury lifestyle

Premium September 20, 2024

RED FLAG: While not identifying the court where the verdict was delivered, it also said that the woman appeared in court "in Gucci flip-flops and with a Gucci handbag".

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NEWS: AI portfolio manager charged with money laundering, lied to clients claiming $3.5M fund was worth ‘billions’

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NEWS: US says MetLife unit reached settlement over Iran sanctions violations

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NEWS: US man sentenced to 5 years over laundering crypto stolen from Bitfinex hack

By Paul O’Donoghue, Senior Correspondent

A suspicious activity report (SAR) helped Dutch officials catch a company boss who wrongly claimed state payments of almost €1 million.

FIU Netherlands, the Dutch financial intelligence unit, said that the unidentified woman had been sentenced to 12 months in prison as a result of the crime.

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NEWS: AI portfolio manager charged with money laundering, lied to clients claiming $3.5M fund was worth ‘billions’

 Premium

NEWS: US says MetLife unit reached settlement over Iran sanctions violations

 Premium

NEWS: US man sentenced to 5 years over laundering crypto stolen from Bitfinex hack

Regulatory Watch News

  • EPPO traces fraudulent Chinese imports to France via Port of Athens

    European Public Prosecutor's Office

    (Luxembourg, 15 November 2024) – On 13 and 14 November 2024, in an investigation led by the European Public Prosecutor’s Office (EPPO) in Paris (France), searches and witness interviews were carried out in Greece, in a probe into fraudulent imports of textiles, garments and fashion items from China into the EU, via the Piraeus Port of Athens, with the French market as the final destination. The fraud scheme under investigation caused an estimated damage of over €5.2 million in unpaid customs duties and VAT.

  • First Cloud Resilience Crisis Management Exercise by APAC Financial Regulators and Cloud Providers

    MAS

    Singapore, 15 November 2024… Asia Pacific financial regulators and global cloud service providers (CSPs) in the Financial Sector Cloud Resilience Forum[1], established by the Monetary Authority of Singapore (MAS), conducted a crisis management tabletop exercise on 6 November 2024. The exercise, which is the first of its kind in the region, simulated a severe public cloud incident disrupting multiple financial sectors across the region.

  • SFC sanctions Zuo Ping for breaches of the Takeovers Code

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) publicly censured and imposed a six-year cold shoulder order (Note 1) against Ms Zuo Ping for breaching the mandatory general offer obligation under the Takeovers Code . Zuo made a number of acquisitions and disposals of shares in CBK Holdings Limited (CBK) on the market between 2 November 2023 and 20 November 2023. As a result of these transactions, her shareholding interest in CBK increased from 0% to 30.22% of CBK’s then issued share capital on 20 November 2023, triggering a mandatory general offer obligation under Rule 26.1 of the Takeovers Code. She did not make any general offer for CBK’s shares at that time.

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