ENFORCEMENT

AML / KYC

New Zealand Court Dismisses Appeal of First AML Act Convictions

By Editors | 19/07/2022

Jiaxin Finance, its sole director and his mother were sentenced to pay fines for AML/CFT violations in 2020. Their appeals have been dismissed.

Enforcement

Singapore Police Lay Fraud Charges Against Zenrock Founder

By Editors | 18/07/2022

The founder and his former operations executive were charged for cheating Bank of China, HSBC and Credit Agricole CIB.

Enforcement

SFC Bans Former StanChart Representative for Three Years

By Editors | 18/07/2022

The representative’s mother transferred funds into five customers’ payroll accounts to improve his work performance.

Enforcement

ACCC Issues First Penalty for CDR Breach Against BOQ

By Sanday Chongo Kabange | 14/07/2022

This is the first infringement notice the ACCC has issued for an alleged breach of the CDR rules as BOQ pays penalty.

AML / KYC

China Arrests Gang Responsible for Henan Bank Fraud

By Darien Choong | 14/07/2022

The four Henan rural banks which froze withdrawals will start repaying some customers. The CBIRC pledged to formulate a disposal plan soon.

Enforcement

China Imposes Antitrust Fines Against Tencent, Alibaba, Others

By Editors | 12/07/2022

Tencent was fined CNY 6 million for its involvement in 12 transactions on a list of deals that were not properly reported.

Enforcement

Korea FSS Bolsters Ability to Confront FIs in Court

By Editors | 12/07/2022

The FSS will be able to engage competent law firms with greater ease, and in some cases share legal costs with the FSC.

AML / KYC

RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches

By Editors | 11/07/2022

A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.

AML / KYC

Chinese Phonemaker Vivo Accused of Evading Tax in India

By Editors | 09/07/2022

Vivo is alleged to have made remittances via Hong Kong to China to disclose losses in India and avoid domestic tax payments.