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Enforcement
CBIRC Fines Privately Owned Banks Over Poor Risk Controls
By Editors | 15/10/2021
The fine against Chongqing Fumin Bank was the largest ever against a privately owned bank. Two others were also penalised.
Enforcement
RBNZ Consults on Approach to Enforcement Decision-making
By Editors | 14/10/2021
A new consultation paper seeks feedback on the principles and criteria which will guide the RBNZ’s enforcement decision-making process moving forward.
Enforcement
Hong Kong Police Arrest 32 Over PLGS Loan Fraud
By Sanday Chongo Kabange | 13/10/2021
A syndicate with triad links allegedly use cold calls and posed as bank staff to lure victims into the illicit scheme promising government-guaranteed low-interest loans.
Enforcement
China Launches Inspections of Financial Regulators, State Banks
By Editors | 13/10/2021
Inspection teams will be dispatched to the PBOC, CBIRC, CSRC, stock exchanges, and state-owned banks and asset managers to identify corruption.
Enforcement
Taiwan FSC to Standardise Data Breach Reporting Timelines
By Darien Choong | 13/10/2021
The FSC says standardising the breach reporting time at 72 hours will improve the efficiency of managing fraud and data theft.
Enforcement
New Zealand FMA Censures Derivatives Issuer FIRMA NZ
By Editors | 11/10/2021
Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were “persistent and systemic”.
Enforcement
S. Korea: Founder of Singapore Fintech Jailed for Fraud
By Editors | 11/10/2021
A South Korean court has sentenced the founder of a fintech investment firm Marvelstone Group to ten years of jail time on fraud charges.
Enforcement
Singapore Woman Admits to Receiving Criminal Proceeds
By Ranamita Chakraborty | 11/10/2021
On instructions from a man she met online, a secretary of a law firm opened bank accounts that were used to receive funds stolen from a Botswana bank.
Enforcement
FATF Re-rates China on Six Recommendations
By Manesh Samtani | 10/10/2021
The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.
Fintech / Regtech
Malaysia SC Orders Decentralised Exchanges to Halt Operations
By Mark Johnston | 10/10/2021
Entities interested in operating a decentralised exchange in Malaysia should apply to be registered as an RMO, the SC said.
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