Hong Kong, Singapore to Strengthen Cooperation on Scam Calls

11/06/2024

Hong Kong’s OFCA and Singapore’s IMDA have signed an MoU to strengthen their cooperation in combating scam calls and messages.

Uncategorised

HSBC Agrees to Raise Stake in China Fund Venture

11/06/2024

HSBC will raise its stake in HSBC Jintrust Fund Management from 49 to 80 percent, subject to regulatory approval.

HSBC Completes Acquisition of Citi’s China Wealth Business

11/06/2024

HSBC has completed the acquisition of Citigroup’s mainland retail wealth management portfolio, a deal that was announced last October.

Enforcement

Industry Body Sues US SEC for Records on WhatsApp Probe

11/06/2024

The American Securities Association seeks to force the SEC to disclose information that was considered when determining the penalties.

Enforcement

China: Four More Officials Facing Prosecution for Taking Bribes

11/06/2024

A former banking regulator and two other ex-officials from ICBC and Citic Group were found to have accepted bribes, the CCDI said.

Fintech / Regtech

UK PSR Rejects Calls to Delay Fraud Reimbursement Rules

11/06/2024

Interim head of the PSR, David Geale, said there was a need to “act quickly” on APP fraud and that the new rules would be introduced in October as planned.

Sanctions

OFAC Imposes New Sanctions Targeting Illicit Houthi Shipments

10/06/2024

The targets include four entities, including Hong Kong-, India- and Panama-based shipping companies and some of their vessels.

AML / KYC

TD Bank Facing $4bn in Fines for AML Violations – Report

10/06/2024

The amount is double previous estimates, prompted by the emergence of new bribery allegations against the bank.

Enforcement

Former AllianzGI Fund Manager Pleads Guilty to Fraud

10/06/2024

Gregoire Tournant admitted to providing deceptive information to investors in AllianzGI’s now-defunct Structured Alpha funds.