Sapia has agreed to make a voluntary payment of £19,637,950 to WealthTek clients and the FCA has censured the firm. Sapia began working with WealthTek in 2013 and later appointed it as one of its appointed representatives. This resulted in Sapia holding and being responsible for protecting client money resulting from WealthTek’s activities. The FCA found Sapia did not put enough safeguards in place to protect this money. Sapia has admitted that it failed to properly separate

The Securities and Futures Commission (SFC) has reached an agreement with PricewaterhouseCoopers Hong Kong (PwC HK) under which PwC HK has agreed to set aside HK$1 billion to compensate eligible independent minority shareholders of China Evergrande Group (China Evergrande) (Note 1). PwC HK audited China Evergrande’s financial statements for the fiscal years ended 31 December 2019 and 31 December 2020 (FY2019 and FY2020 respectively). The SFC’s investigation, which focused on

The Securities and Futures Commission (SFC) today launched a new regulatory framework to pilot the secondary trading of tokenised SFC-authorised investment products (tokenised products) in Hong Kong, aiming to boost trading activity in the city’s expanding digital asset ecosystem over time. Set out in a circular, the SFC’s new guidance aims primarily to facilitate secondary trading of tokenised SFC-authorised open-ended funds on SFC-licensed virtual asset trading platforms (V

The US Treasury Department has issued stark warnings to banks in the United Arab Emirates, Hong Kong, China, and Oman for facilitating Iran’s sanctions circumvention via financial transfers, urging asset freezes and enhanced compliance. In response, Iran reportedly advises its citizens to use banks in Spain, Russia, China, and Turkey amid escalating geopolitical tensions. U.S. Treasury Issues Urgent Sanctions Warning The United States Department of the Treasury has delivered

The Central Bank of Libya has issued a warning over the continued failure to adopt the draft law on combating money laundering, saying the delay could expose the financial system to growing risks and weaken efforts to fight illicit finance. The bank discussed the issue during a meeting focused on the dangers created by the absence of an updated legal framework, according to reporting from local media. The warning reflects a broader concern that gaps in AML legislation can lea

Kathmandu, Nepal – Nepal Police have arrested high‑profile businessman Deepak Bhatta, widely described as a “power broker” with close ties to senior political and bureaucratic figures, in connection with a widening money‑laundering investigation. The move, carried out by the Central Investigation Bureau (CIB) and followed by a 10‑day court‑ordered remand, signals a significant escalation in Nepal’s efforts to crack down on financial crime and politically connected business el

Crypto will be regulated in the UK from October 2027. The FCA is finalising the wider cryptoasset regime, with rules to be published this summer. Parliament has now confirmed which cryptoasset activities will fall within the scope of regulation. Building on that, the FCA is consulting on new guidance to help firms understand how they might be affected by the regulatory regime for cryptoassets. The FCA is seeking feedback on its interpretation of the following regulated crypto

Campaign 1 - Low SMR reporting by foreign bank branches in Australia AUSTRAC CEO Brendan Thomas said the foreign bank branches campaign found an entrenched view among many branches that their businesses are low risk for money laundering. “Although some parts of these businesses may constitute lower levels of risk, many of them have exposure to higher risks areas as well,” Mr Thomas said. This includes providing services to foreign politically exposed persons (PEPs) and rel

Federal prosecutors have indicted ten executives and employees from four cryptocurrency market-making firms in a coordinated international operation targeting widespread fraud. The charges, unsealed in Oakland, California, focus on schemes to artificially boost trading volumes and prices through wash trading and pump-and-dump tactics. Three defendants appeared in court after extradition from Singapore, marking a significant escalation in U.S. enforcement against crypto market