Tag: Financial Intelligence
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Regulatory Watch News
SFC warns public of suspicious virtual asset-related product “LENA Network”
Securities and Futures Commission
The Securities and Futures Commission (SFC) today warns the public of a suspicious investment product named “LENA Network” involving virtual asset-related staking, borrowing and lending arrangements, and claiming to offer high returns to investors. The product has not been authorised by the SFC for offering to the Hong Kong public .
U.S. Law Enforcement Takes Action Against More Than 3,000 Money Mules in Initiative to Disrupt Transnational Fraud Schemes
US Department of Justice
The Justice Department, FBI, U.S. Postal Inspection Service (USPIS), and other federal law enforcement agencies announced today the completion of the Money Mule Initiative, an annual campaign to identify, disrupt, and criminally prosecute networks of individuals who transmit funds from fraud victims to international fraudsters. Fraudsters rely on money mules to facilitate a range of fraud schemes, including those that predominantly impact older Americans, such as lottery fraud, romance scams and grandparent scams as well as those that target businesses or government pandemic funds.
SC CHARGES PIXELVEST AND FORMER INFINITY TRUSTEE DIRECTOR WITH UNLICENSED CAPITAL MARKET OFFENCES
Securities Commission Malaysia
The Securities Commission Malaysia (SC) had charged two companies and one individual in the Kuala Lumpur Sessions Court with three offences relating to unlicensed capital market activities.Pixelvest Sdn Bhd (Pixelvest) was charged today with one count under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for carrying on a fund management business without a licence. Pixelvest, represented by its director Ang Jen Chuen (Dexter Ang), claimed trial to the charge before Sessions Court judge Puan Norina binti Zainol Abidin. This follows the charges filed by the SC against Infinity Trustee Berhad (ITB) on 30 April 2024, with two counts under section 58(1) read together with section 370(b) of the CMSA.The offence is in relation to ITB transferring funds amounting to RM116,292,904.15 to Pixelvest through two accounts in furtherance of the offence committed by Pixelvest.