Enforcement

Enforcement

SFC, HKEX Fine HSBC Securities for Regulatory Breaches

By Editors | 04/03/2022

The firm made errors when assigning BCANs to clients. It also oversold China securities due to deficiencies in its order management and algorithmic trading systems.

Enforcement

ASIC Consults on When to Convene FSCP Sitting Panels

By Ranamita Chakraborty | 03/03/2022

ASIC proposes that it will generally convene an FSCP sitting panel when misconduct is widespread or part of a growing trend, or where doing so can have deterrence benefits.

Enforcement

SFC Permanently Bans Ex-HSBC Employee Over Bribery Convictions

By Editors | 02/03/2022

The former vice president accepted gifts as inducements to handle credit applications and maintain the credit facilities for two companies controlled by a client.

AML / KYC

China Supreme Court Makes Crypto Fundraising a Criminal Offence

By Editors | 02/03/2022

Fundraising that exceeds CNY 50 million, or losses involving at CNY 25 million or 5,000 people, could result in more than 10 years in prison.

AML / KYC

UK Fast-Tracks Property Ownership Transparency Bill

By Manesh Samtani | 01/03/2022

The Economic Crime (Transparency and Enforcement) Bill first promised in 2016 has been introduced in Parliament and will be fast-tracked through the legislature.

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.