ENFORCEMENT

    Enforcement

    Appeals Tribunal Affirms SFC Punishment of Yi Shun Da Capital

    By Sanday Chongo Kabange | 21/10/2021

    The Appeals Tribunal upheld the SFC’s decision to punish Yi Shun Da Capital over sponsor failures but reduced the penalty amount.

    Enforcement

    CFTC Fines Tether as US Regulators Scrutinise Crypto Markets

    By Mark Johnston | 21/10/2021

    The CFTC has fined Tether $41mn and Bitfinex’s parent $1.5mn. Meanwhile New York prosecutors have directed two crypto lending platforms to cease operations.

    AML / KYC

    AUSTRAC Seizes Star Casino Files in Money Laundering Probe

    By Sanday Chongo Kabange | 20/10/2021

    AUSTRAC is reported to be building a case against Star Entertainment Group over alleged shortcomings in its AML/CTF controls.

    AML / KYC

    Credit Suisse Settles Charges Over Mozambique ‘Secret Debt’

    By Editors | 20/10/2021

    Transactions that raised over $1bn were used to “perpetrate a hidden debt scheme”, pay kickbacks to investment bankers, and bribe government officials.

    Enforcement

    Australian Court Fines Colonial First State for Misleading Members

    By Editors | 19/10/2021

    The court said Colonial First State Investments engaged in a 26-month “concerted campaign” that sought to take advantage of members.

    Enforcement

    NZ FMA Censures Jarden Securities for Client Money Breaches

    By Editors | 19/10/2021

    OM Financial, which amalgamated with Jarden in March 2021, transfered its own money into the trust account designated to hold investor money.

    Enforcement

    SFC Penalises IPO Sponsor Over Substandard Due Diligence Work

    By Editors | 18/10/2021

    Ample Capital Limited failed to conduct adequate due diligence on suspicious cash settlements and to keep proper records of its due diligence work.

    Enforcement

    RBI Penalised StanChart, SBI for Regulatory Violations

    By Editors | 18/10/2021

    The RBI cited non-compliance with its directions on customer protection, cybersecurity, outsourcing, and reporting.

    Enforcement

    HK Court Jails Former Convoy, Gransing Executives

    By Editors | 17/10/2021

    Former Convoy executives conspired to dishonestly arrange for bond placement commissions to be diverted to a company they substantially owned.

    AML / KYC

    OFAC Issues Sanctions Guidance for Crypto Sector

    By Editors | 17/10/2021

    OFAC expects virtual currency operators to identify and block IP addresses that originate in sanctioned jurisdictions, including via VPNs.

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