Enforcement

Korean Regulators to Revoke Lime Asset Management Licence

20/10/2020

Subject to FSC approval, the FSS will revoke Lime’s business registration and order the company to dismiss its CEO, who was arrested in July.

Enforcement

CBIRC Issues Raft of Penalties Over Illegal Loans at Banks

20/10/2020

China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.

Market Infrastructure

MAS, IBF Take Steps to Prevent Financial Sector Job Losses

20/10/2020

IBF will run surveys every six months to obtain data about job losses at FIs to offer their staff reskilling support and possible redeployments in the industry.

AML / KYC

Japan FSA to Mandate Stricter ID Checks for E-payments

20/10/2020

The FSA plans to revise its guidelines for bank transfers to e-payment service providers in response to a series of fraudulent withdrawals.

AML / KYC

AUSTRAC Launches AML Investigation into Crown Resorts

20/10/2020

The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.

AML / KYC

OFAC Settles Iran Sanctions Case with Berkshire Hathaway

20/10/2020

A Berkshire subsidiary knowingly exported cutting tools and related inserts to Turkish distributors to then be shipped to a distributor in Iran for resale to Iranian end-users.

AML / KYC

Goldman US Penalty Over 1MDB to be Announced ‘Within Days’

20/10/2020

Goldman Sachs Group has reportedly reached a more than $2bn settlement with the US DOJ over its role in Malaysia’s 1MDB scandal.

FSC Korea Unveils New Measures to Lower Borrower Debt Burden

20/10/2020

Lenders will be prohibited from denying loan deferments on non-overdue loans and from activating a trigger clause for events of default when a borrower applies for debt adjustment.

Market Infrastructure

RBNZ Consults on Draft Guidance on Cyber Resilience

20/10/2020

The guidance aims to raise awareness of, and ultimately promote, the cyber resilience of the financial sector, especially at the board and senior management level.