Enforcement

Crypto / Digital Assets

FSC Korea Seeks to Criminalise Crypto Market Manipulation

By Editors | 26/11/2021

Those who obtain unfair profits from crypto trading would face at least one year in prison and at least three times the amount gained in fines.

Enforcement

CBIRC Orders Banks to Strengthen Risk Controls

By Darien Choong | 25/11/2021

Insufficient assessment of potential business risks and a lack of core management systems and control measures have surfaced, the CBIRC said.

Enforcement

FSC Korea Cancels Business Licence of Optimus Asset Management

By Sanday Chongo Kabange | 25/11/2021

The FSC has also fined Optimus and ordered board member removals, over “numerous counts of violations and inappropriate fund management activities”.

Enforcement

MAS Considers ‘Appropriate Supervisory Actions’ After DBS Outage

By Mark Johnston | 24/11/2021

MAS considering “appropriate supervisory actions” following two days of digital services disruption at DBS Bank.

AML / KYC

US Extradites Ex-BOC Banker to China Over Corruption Charges

By Darien Choong | 22/11/2021

The former BOC managers stole the bank’s money and laundered it through Canada and the US, in a case that dates back 20 years.

Enforcement

HKMA Penalises Four Banks for AML Violations

By Editors | 21/11/2021

ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.

Enforcement

Japan FSA to Issue New Orders to Mizuho Over System Glitches

By Editors | 21/11/2021

The FSA will issue a new business improvement order this month over Mizuho’s system glitches, one of which resulted in possible breaches of AML rules.

Enforcement

Korea FSS Orders KakaoBank to Bolster AML Controls

By Editors | 18/11/2021

The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.

Enforcement

Chinese Court Rules Executives, Auditors Liable for Kangmei Fraud

By Darien Choong | 17/11/2021

Kangmei Pharmaceutical, its executives and auditors will be held fully liable for CNY 2.5bn of investor losses in China’s first ever class action against corporate fraud.