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AML / KYC
Australian Mining Magnate Charged Over A$38.5m Tax Evasion
By Sanday Chongo Kabange | 03/08/2021
The founder of a mining software and equipment company did not disclose overseas trust assets and evaded income tax over 15 years.
Enforcement
Hong Kong SFC Fines UBS Over Regulatory Breaches
By Editors | 03/08/2021
The breaches involve research report disclosures, telephone recordings, client derivatives knowledge assessments, and structured product sales.
Enforcement
Korea: Daishin Securities Ordered to Compensate Lime Investors
By Editors | 02/08/2021
Daishin Securities is asked to compensate investors up to 80% of losses after it missold funds managed by Lime Asset Management.
Enforcement
CBIRC Fines Eight Lenders Over Property Loan Violations
By Sanday Chongo Kabange | 02/08/2021
China Construction Bank received the biggest penalty of CNY 6.1 million. ICBC and Agricultural Bank of China were fined CNY 1.5 million each.
AML / KYC
Western Australia Man Jailed for Dealing in Criminal Proceeds
By Editors | 02/08/2021
The man was sentenced to five years jail over A$6.1mn in cash discovered as a result of intelligence gained during Operation Ironside.
Enforcement
Westpac Insider Trading Case May Not Be Heard Until 2023
By Editors | 01/08/2021
A proposed February 2022 trial date will not be feasible as Westpac will have to be allowed sufficient time to review expert evidence.
AML / KYC
Regulatory Pressure on Binance Builds With Malaysia Ban
By Manesh Samtani | 01/08/2021
Malaysia’s SC has announced enforcement actions. Binance is winding down its derivatives business in Europe. India is probing its involvement in a betting probe.
Enforcement
China: Another Ex-Banking Regulator Under Corruption Probe
By Editors | 01/08/2021
Cai Esheng served as CBRC vice chairman for eight years. He was in charge of supervising non-bank financial institutions.
Enforcement
AIA New Zealand Faces Penalty for Misleading Customers
By Ranamita Chakraborty | 01/08/2021
AIA’s remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.
Enforcement
Australia: BT, Asgard Fined for Charging Fees for No Service
By Sanday Chongo Kabange | 30/07/2021
Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.
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