Tag: AML

Regulatory Watch News

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  SFC reprimands and fines Sino-Rich Securities & Futures Limited $2 million and suspends its responsible officer for failures in relation to margin lending practices

  Securities and Futures Commission

  May 12, 2025

  The Securities and Futures Commission (SFC) has reprimanded and fined Sino-Rich Securities & Futures Limited (Sino-Rich) $2 million for failures concerning its margin lending policy and practices (Note 1). The SFC has also suspended the licence of Mr Budihardjo Wilhelm Soeharsono (Budihardjo), a responsible officer and a manager-in-charge of Sino-Rich, for five months and two weeks from 8 May 2025 to 22 October 2025

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  Fintel Alliance to expand after intelligence partnerships prove essential to fight financial crime

  Austrac

  May 12, 2025

  Joint efforts under AUSTRAC’s Fintel Alliance have led to significant law enforcement outcomes, prompting AUSTRAC to expand its successful intelligence partnership. Fintel Alliance is a world leading public-private partnership where members and law enforcement work together and share data in real time to target serious crime. AUSTRAC CEO, Brendan Thomas said the Intelligence Division’s Fintel Alliance has been so productive that the agency will now make its collaborative data analytics hub a central function going forward.

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  Pharmaceutical Manufacturer Assertio Therapeutics Inc. Agrees to Pay $3.6M to Resolve Allegations that It Violated the False Claims Act in Connection with Marketing its Fentanyl Product

  US Department of Justice

  May 9, 2025

  The Justice Department announced today that Assertio Therapeutics Inc., formerly known as Depomed Inc., (Assertio), a pharmaceutical company headquartered in Lake Forest, Illinois, has agreed to pay $3.6 million to resolve claims that Assertio violated the False Claims Act (FCA) by causing the submission of false claims for the transmucosal immediate-release fentanyl (TIRF) drug Lazanda for individuals who did not have breakthrough cancer pain.