ENFORCEMENT

Enforcement

Hong Kong FRC Launches New Whistleblowing Policy

By Editors | 05/12/2021

Protecting whistleblowers’ identities will be the FRC’s highest priority. It will not share any personal information to outside parties unless it is “legally obliged to do so”.

AML / KYC

Interpol Concludes Global Operation Targeting Wildlife & Timber Crime

By Editors | 05/12/2021

Customs, police, FIUs and wildlife and forestry enforcement agencies in 118 countries participated in the operation, which has led to hundreds of arrests and over 1,000 seizures.

Enforcement

Billionaire’s Arrest Signals China’s Intent to End Cross-Border Gambling

By Darien Choong | 05/12/2021

Suncity Group’s Alvin Chau allegedly operated a gambling syndicate that used Macau as a base for an illegal “live web betting platform” in the Philippines, targetting customers in mainland China.

Enforcement

Shanghai, Shenzhen Bourses Crack Down on Shell Companies

By Darien Choong | 04/12/2021

The new delisting system includes an indicator to measure the sustainability and operating ability of a listed company, to help eliminate shell companies.

Enforcement

SFC Bans Former Private Banker Over False Academic Qualifications

By Editors | 01/12/2021

The SFC considers the former relationship manager to not be fit and proper as her conduct was “plainly dishonest”.

AML / KYC

Environmental Crime, A Global Security Issue

By Manesh Samtani | 01/12/2021

Interpol’s Rory Corcoran says environmental crime is funding global terrorism and organised crime, while also impacting the sustainability agenda.

AML / KYC

Police Arrest 1,000 in Interpol Operation Targeting Online Fraud

By Ranamita Chakraborty | 01/12/2021

The operation was used to test a new worldwide stop-payment mechanism which Interpol plans to fully embed in police communication channels next year.

Enforcement

SAFE Fines Tenpay for Breaching Foreign Exchange Rules

By Editors | 30/11/2021

Tenpay failed to submit relevant materials and handle foreign exchange sales services in accordance with regulations.

Enforcement

ASIC Files Multiple Court Proceedings Against Westpac

By Editors | 30/11/2021

Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.