NEWS: Regulators reviewing Revolut’s processes to detect and prevent financial crime; culture under microscope following departures of compliance staff

Regulatory Watch News

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  One of Europe’s biggest pirate IPTV services taken down in the Netherlands

  Europol

  May 24, 2023

  Europol has supported the Dutch Fiscal Information and Investigation Service (FIOD) in taking down an illegal IPTV (Internet Protocol television) service serving over 1 000 000 users across Europe.

  On 23 May, a series of raids were carried out across the Netherlands as part of an illegal streaming crackdown. The officers from the FIOD searched properties in various locations in The Netherlands. Several individuals were arrested on suspicion of involvement in the illegal streaming of premium content.

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  SFC obtains disqualification orders against former directors of Luxey International (Holdings) Limited

  Securities and Futures Commission

  May 24, 2023

  The Securities and Futures Commission (SFC) has obtained disqualification orders in the Court of First Instance against two former directors of Luxey International (Holdings) Limited (Luxey) for their misconduct involving a corporate acquisition (Note 1). The two former directors, Mr Joseph Lau Chi Yuen and Mr Chung Man Wai, were disqualified for eight years and five years respectively, without leave of the Court, from (i) being, or continuing to be, a director, liquidator, or receiver or manager of the property or business of any listed or unlisted company in Hong Kong; or (ii) in any event, whether directly or indirectly, be concerned, or taking part, in the management of any listed or unlisted company in Hong Kong.

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  Romania: Three indicted for fraud involving an agro-tourism guesthouse

  European Public Prosecutor's Office

  May 23, 2023

  On 19 May 2023, the European Public Prosecutor’s Office (EPPO) referred a criminal case to the Bucharest Tribunal Court, in Romania, where two individuals and one company were indicted for fraud involving the construction of an agro-tourism guesthouse. The charges against the defendants concern the construction of agro-tourism accommodation in the Colibița commune, Bistrița county, in Romania, which benefitted from non-reimbursable EU funds, granted by Romania’s Agency for Financing Rural Investments (AFIR).