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South Korea, Fraud, Indian Bank, Cryptocurrency, Metropolitan Commercial Bank, Community First Bank

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Welcome to our weekly newsletter that provides you with the most recent updates and insights regarding AML, financial crime compliance, and emerging risks.

This week we begin with South Korea as it has levied fines on two Hong Kong banks for their involvement in naked short selling, a practice that’s considered market manipulation, to maintain market integrity. Moving on, the US SEC is implementing measures to combat a USD 130 million fraud scheme targeting Indian Americans, aiming to protect investors from financial scams.

Furthermore, we shed light on ICICI Bank as it faces a record INR 120 million fine from the RBI due to regulatory lapses, highlighting the importance of compliance in the banking sector. In another story, the Winklevoss twins faced legal challenges in New York over their cryptocurrency activities, raising questions about the future of digital asset regulation.

Moving forth Metropolitan Commercial Bank faces a USD 30 million fine due to inadequacies in third-party oversight, underscoring the importance of robust compliance measures. Lastly, a former Community First Bank VP received a 12-year prison sentence for committing bank fraud and multiple arson.


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