NEWS: Woman allegedly laundered €1M thru purchase of €750K in luxury handbags

Regulatory Watch News

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  SFC bans Chan Ka Him for life for insurance fraud

  Securities and Futures Commission

  January 6, 2025

  The Securities and Futures Commission (SFC) has banned Mr Chan Ka Him, a former insurance specialist of Standard Chartered Bank (Hong Kong) Limited (SCB), from re-entering the industry for life following his criminal convictions for insurance fraud (Note 1). Chan was sentenced by the District Court on 2 February 2024 to 20 months’ imprisonment after his convictions for three counts of fraud and one count of attempted fraud

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  Booz Allen Agrees to Pay $15.875M to Settle False Claims Act Allegations

  US Department of Justice

  January 4, 2025

  Booz Allen Hamilton Holding Corporation (Booz Allen) has agreed to pay the United States $15,875,000 to resolve allegations that Booz Allen Hamilton Engineering Services LLC (BES), a wholly owned subsidiary of Booz Allen, violated the False Claims Act by knowingly submitting fraudulent claims to the United States in connection with a General Services Administration (GSA) task order to supply computer military training simulators and systems to Department of Defense (DoD) agencies, including the Air Force. Booz Allen, which is headquartered in McLean, Virginia, provides a range of management, consulting and engineering services to the government. BES was an engineering services firm located in Annapolis Junction, Maryland, with offices in Dayton, Ohio, and other locations.

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  Treasury Sanctions Technology Company for Support to Malicious Cyber Group

  OFAC

  January 4, 2025

  WASHINGTON – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Integrity Technology Group, Incorporated (Integrity Tech), a Beijing-based cybersecurity company, for its role in multiple computer intrusion incidents against U.S. victims. These incidents have been publicly attributed to Flax Typhoon, a Chinese malicious state-sponsored cyber group that has been active since at least 2021, often targeting organizations within U.S. critical infrastructure sectors.