ENFORCEMENT

Crypto / Digital Assets

China Call for Crackdown on Foreign Exchange Crimes

By Editors | 29/12/2023

The use of cryptocurrencies as a tool for foreign exchange trading is illegal in China, authorities said.

Enforcement

Former PBOC Official Sentenced to Over 16 Years Jail for Corruption

By Editors | 29/12/2023

The former head of the PBOC’s monetary policy department helped others obtain confidential information in return for illicit payments worth CNY 21 million.

Enforcement

Shanghai Court Settles China’s First Securities Class Action Lawsuit

By Editors | 28/12/2023

The court ordered Essence Information Technology to pay more than CNY 280 million to a total 7,195 investors.

AML / KYC

Four Arrested in HK for Diamond-based Money Laundering Scheme

By Manesh Samtani | 28/12/2023

Hong Kong companies traded synthetic diamonds with a company in India but declared them as natural diamonds as a way to launder money.

Enforcement

Chinese Court Jails Ex-Chairman of New China Life Insurance

By Editors | 28/12/2023

Wan Feng exploited his official position and accepted bribes worth more than CNY 12 million between 1997 and 2018.

Enforcement

SFC Suspends Former Licensed Rep Over Misuse of Client Account

By Editors | 28/12/2023

The former AE carried out personal trades in a client’s securities account and allowed a third party to operate the account without the client’s written authorisation.

Crypto / Digital Assets

Chinese Authorities Dismantle $2.2b Underground Banking Operation

By Editors | 27/12/2023

The operation involved the use of overseas crypto platforms to exchange foreign currency. 74 suspects were arrested and their electronic devices and bank cards seized.

Enforcement

China Launches Probe into CDB for Suspected Price Manipulation

By Editors | 27/12/2023

NAFMII said it has information indicating China Development Bank improperly influenced market prices in its bond issuance and money market businesses.

Enforcement

FSA Japan Issues Orders Against Major Insurers for Price-Fixing

By Editors | 27/12/2023

The insurers coordinated with each other when negotiating contracts with corporate customers on insurance premiums, affecting more than 570 policyholders.