Enforcement

Enforcement

HK Police Arrest 38 Individuals for Covid Loan Fraud

By Editors | 23/03/2022

The individuals set up 53 shell companies and submitted false documents to banks to obtain loans under the government support scheme for Covid hit businesses.

Enforcement

SG Police Charge Two for Disclosing Singpass Login Details

By Editors | 23/03/2022

The Singpass login details were used by scam syndicates to open new bank accounts to launder the proceeds of crime.

Enforcement

MAS Bars Former DBS Wealth Planner for Cheating Clients

By Editors | 20/03/2022

The former DBS Bank wealth planning manager fraudulently deceived clients into transferring SGD 490,000 into his personal bank account.

Enforcement

China Identifies Data Fraud Occurring in Carbon Market

By Darien Choong | 20/03/2022

Data verification firms were found to have tampered with emissions reports, published fake testing data, and fabricated coal samples sent for testing.

AML / KYC

RBI Orders Paytm Payments Bank to Stop Onboarding Clients

By Editors | 19/03/2022

The bank reportedly violated rules by allowing data to flow to servers overseas and did not properly verify thousands of customers.

Enforcement

HKEX Censures Six Directors Over “Unchecked Spending Spree”

By Sanday Chongo Kabange | 19/03/2022

The investment holding company spent over HK$60mn of company money to acquire luxury assets including a HK$24.5mn yacht, a HK$20mn diamond, seven cars, and 57 paintings.

Enforcement

Seoul Court Upholds FSS Reprimand Against Hana Vice Chair

By Editors | 17/03/2022

The court ruled that Hana Financial Group vice chairman Ham Young-joo was responsible for failing to protect retail investors from high risk financial products.

AML / KYC

SFC Fines Emperor Securities, Emperor Futures for AML Breaches

By Editors | 17/03/2022

Emperor processed third party fund transfers without validating the relationships between the clients and the third parties, or the reason for the transfers.

Enforcement

Taiwan FSC Penalises Shin Kong Over Governance, Control Failures

By Editors | 16/03/2022

Shin Kong Financial Holding executives were taking directions from the former group chairman, who was barred in 2020.