ENFORCEMENT

Enforcement

HK Court Offers Questionable Rationale in Insider Dealing Case

By Tom Fyfe | 01/03/2022

The court’s decision merely transfers illicit profits to a select group of individuals who were “lucky enough to have traded with the insider”, says Tom Fyfe.

AML / KYC

AUSTRAC Launches Federal Court Proceedings Against Crown Casinos

By Editors | 01/03/2022

Crown Melbourne and Crown Perth failed to assess ML/TF risk, carry out appropriate due diligence on customers, and establish a transaction monitoring programme.

AML / KYC

US Regulators Fine National Bank of Pakistan $55m for AML Violations

By Sanday Chongo Kabange | 01/03/2022

National Bank of Pakistan is required to pay penalties, correct deficiencies in its AML compliance, and submit quarterly progress reports on remedial actions taken.

Enforcement

HK ICAC Charges Bank Employee and Two Others for Bribery

By Editors | 28/02/2022

A relationship manager and two representatives of secretarial services companies allegedly offered and accepted bribes to help non-domestic clients open accounts with three Hong Kong banks.

Enforcement

CSRC Asks Morgan Stanley to Provide Information on US Probe

By Editors | 28/02/2022

The CSRC has reportedly given Morgan Stanley 30 days to provide details about its role in a US investigation into its block trading practices.

AML / KYC

BitConnect Founder Indicted for Running Crypto Ponzi Scheme

By Editors | 28/02/2022

BitConnect founder Satish Kumbhani and his co-conspirators obtained fraudulent gains from investors amounting to about USD 2.4 billion.

AML / KYC

BitMEX Founders Agree Settlement for US AML Violations

By Editors | 28/02/2022

Arthur Hayes and Benjamin Delo have pleaded guilty to breaching AML laws and agreed to pay a USD 10 million fine each.

AML / KYC

Ex-Goldman Exec Alleges BNM Was Involved in 1MDB Graft

By Editors | 24/02/2022

Tim Leissner said BNM approved a USD 1 billion overnight transfer out of 1MDB but that he could not independently verify whether a bribe was paid.

Enforcement

Former Bank of Qinghai Executive Jailed 18 Years For Corruption

By Darien Choong | 24/02/2022

A former chairman of China Postal Savings Bank and a former vice chairman of the CBRC have also been arrested on corruption charges.