Category: EU/Europe

Regulatory Watch News

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  FCA fines Arian Financial LLP £288,962.53 for failings relating to cum-ex trading

  Financial Conduct Authority

  January 10, 2025

  The FCA has fined Arian Financial LLP (Arian) £288,962.53 for failing to ensure it had effective systems and controls against financial crime.

  Arian’s failure to implement adequate systems and controls against financial crime put it at risk of being used to support fraudulent trading and money laundering on behalf of clients of the Solo Group. This is the seventh case brought by the FCA in relation to cum-ex trading and withholding tax schemes. This has involved proactive engagement with EU and global law enforcement authorities. The FCA has imposed fines of more than £22m in relation to this trading.

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  Fraudulent website and internet banking login screen related to Shanghai Commercial Bank Limited

  HKMA

  January 10, 2025

  The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Shanghai Commercial Bank Limited relating to a fraudulent website and an internet banking login screen, which have been reported to the HKMA.  A hyperlink to the press release is available on the HKMA website.

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  Sydney couple charged over alleged failed $5 million heroin import

  Australia Federal Police

  January 10, 2025

  A western Sydney couple appeared before Downing Centre Local Court today (10 January, 2025) charged with allegedly importing a total of 10kg of heroin in their suitcases into Australia. Investigations into the man, 52, and woman, 53, began after they arrived at Sydney Airport on a flight from Ho Chi Minh City, Vietnam, on Thursday, 9 January, 2025. Australian Border Force (ABF) officers selected the pair for baggage examination, which revealed abnormalities in the lining of two suitcases. A substance in the lining of the cases returned a positive initial reading for the presence of heroin.