Singaporean multinational bank DBS has been hit with HK$10m ($1.3m) in penalties for repeated AML failings spanning the course of seven years.
The Hong Kong Monetary Authority (HKMA) said it was imposing the charge after finding a variety of deficiencies at DBS Hong Kong.
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Building resilience to fraud and enhancing digital financial literacy with EU support in Latvia and Lithuania
Latvijas Banka
Today marks the beginning of an ambitious project aimed at strengthening the digital financial literacy of the population of Latvia and Lithuania and its resilience to financial fraud. The project brings together the European Commission, the Organisation for Economic Co-operation and Development (OECD), Latvijas Banka, Lietuvos bankas, and other representatives of the financial and security sectors. The stakeholders will develop and implement effective solutions based on the results and recommendations of studies conducted by the OECD.
U.S. Department of the Treasury, IRS Announce $1.3 Billion Recovered from High-Income, High-Wealth Individuals Under Biden-Harris Inflation Reduction Act Initiatives
US Department of the Treasury
$172 million recovered from 21,000 wealthy taxpayers who have not filed tax returns since 2017 in first six months of new initiative
WASHINGTON—Today, U.S. Secretary of the Treasury Janet L. Yellen and Commissioner of the Internal Revenue Service Danny Werfel are delivering remarks at the Austin, Texas IRS campus to announce new milestones under Inflation Reduction Act initiatives to ensure wealthy individuals pay taxes owed, improve service for taxpayers through the Digital First Initiative, and modernize foundational technology.
SFC issues restriction notice to Kingston Securities Limited to freeze account of client involved in suspected corporate misconduct
Securities and Futures Commission
The Securities and Futures Commission (SFC) has issued a restriction notice to Kingston Securities Limited (Kingston), prohibiting it from dealing with or processing certain assets held in a client account that belongs to a listed corporation’s board member, who is suspected of committing misconduct and breaching his director’s duties