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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  Court further adjourns insider dealing hearing against Wong Pak Ming

  Securities and Futures Commission

  April 25, 2025

  The Eastern Magistrates’ Court has further adjourned the insider dealing case against Mr Wong Pak Ming to 5 June 2025 for mention in the criminal proceedings commenced by the Securities and Futures Commission (SFC) Wong is charged with the offence of insider dealing involving the shares of Transmit Entertainment Limited (formerly known as Pegasus Entertainment Holdings Limited) (Pegasus). He allegedly counselled or procured another person to deal in the shares of Pegasus around 25 August 2017 to 17 October 2017 while he was the chairman and the controlling shareholder of Pegasus and having information which he knew was inside information in relation to Pegasus.  

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  New York Man Charged with Immigration Fraud for Concealing Role as Perpetrator of Rwandan Genocide

  US Department of Justice

  April 24, 2025

  A federal grand jury in Central Islip, New York, returned an indictment April 22 and unsealed today charging a New York man with lying on his applications for a green card and United States citizenship by concealing his past role as a leader and perpetrator of the genocide in Rwanda in 1994. According to court documents, Faustin Nsabumukunzi, 65, of Bridgehampton, New York, was a local leader with the title of “Sector Counselor” in Rwanda in 1994 when the genocide began. Between April and July of that year, members of the majority Hutu population persecuted the minority Tutsis, committing acts of violence including murder and rape. An estimated 800,000 ethnic Tutsis and moderate Hutus were killed during the three-month genocide. Nsabumukunzi was arrested this morning on Long Island and is scheduled to be arraigned at 1:30 p.m. ET before U.S. District Judge Joanna Seybert for the Eastern District of New York.

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  SFO sets out route for businesses to avoid prosecution

  April 24, 2025

  The Serious Fraud Office (SFO) today launched new guidance, stating for the first time that if a corporate self-reports suspected wrongdoing and co-operates fully with investigators, it can expect to be invited to negotiate a Deferred Prosecution Agreement (DPA) rather than face prosecution, unless exceptional circumstances apply. At a legal conference in London, SFO Director Nick Ephgrave introduced new corporate co-operation guidance that will make it simpler for corporates to report suspected wrongdoing by a direct route to the SFO’s Intelligence Division via a secure reporting portal.