ENFORCEMENT

Enforcement

China to Prosecute Former China Merchants Bank President

By Editors | 12/10/2022

The former president was abruptly removed from his post in April, after spending nearly nine years building CMB into China’s top retail bank.

AML / KYC

US Treasury Penalises Crypto Exchange Bittrex $29mn

By Editors | 12/10/2022

OFAC and FinCEN took joint action for sanctions screening failures and violations of AML and SAR reporting requirements.

Enforcement

UK FCA Queries Banks About Staff Messaging Practices

By Editors | 12/10/2022

The queries come after US regulators collected over $2bn in combined penalties from firms for failures to maintain, preserve, or produce staff communication records.

AML / KYC

Singapore Punishes Ex-BSI Banker Over 1MDB Failings

By Sanday Chongo Kabange | 11/10/2022

BSI Singapore’s former head of private banking contributed to the bank’s failure to file STRs for 1MDB-related transactions when there were reasonable grounds to do so.

AML / KYC

US Targets Fuel Procurement Network in Latest DPRK Sanctions

By Editors | 11/10/2022

The sanctions are against two Singapore companies, a Marshall Islands entity, and two individuals for illicit ship-to-ship transfers to deliver fuel to North Korea.

AML / KYC

US Says Hong Kong Risks Becoming Haven for Sanctioned Russians

By Editors | 11/10/2022

The warning came days after Hong Kong indicated it would not pursue action against a superyacht owned by a sanctioned Russian oligarch that docked in the city.

Enforcement

SEBI Cancels Rating Agency Licence for the First Time

By Editors | 10/10/2022

Brickwork Ratings India failed to exercise proper skill, care and diligence while discharging its duties as a credit rating agency, SEBI said.

Enforcement

Korea May Start Naming Foreign Firms Engaged in Illegal Short-Selling

By Editors | 09/10/2022

Local securities firms are required to notify investors if they are fined for violating short selling-related rules, but this is not the case for foreign investors.

Enforcement

FSA Bars SMBC Nikko from Block Trades for 3 Months

By Editors | 09/10/2022

SMBC Nikko Securities was also found to have shared confidential information of several corporate clients without their consent with its parent’s banking unit.