ENFORCEMENT

Enforcement

China: Former Trust Company Chair Jailed for Corruption

By Editors | 17/05/2021

Gao Fubo is the third chairman of state-owned Jilin Trust to be convicted on corruption and bribery charges. A fourth is awaiting trial.

Enforcement

China: Ex-Banking Regulator Admits to Taking Bribes

By Sanday Chongo Kabange | 17/05/2021

The former head of the CBRC’s Inner Mongolia branch is linked to Baoshang Bank, a local lender that was taken over by the state in 2019.

AML / KYC

US DOJ Penalises Swiss Life for Facilitating Tax Evasion

By Editors | 16/05/2021

Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.

Enforcement

CBIRC Issues Warning Against Improper Sales Practices

By Editors | 16/05/2021

In a notice, the CBIRC points to regulatory violations by Ping An Bank in its credit card sales practices which violated the rights and interests of consumers.

Enforcement

Hong Kong: Six Current & Former Directors Fined Over Inside Information

By Editors | 14/05/2021

Timely disclosure of inside information is central to the orderly operation of the market and underpins a fair and informed market, the SFC said.

AML / KYC

Taiwan FSC Fines Citibank, DBS for AML Violations

By Editors | 14/05/2021

The regulator cited failures related to customer due diligence, review mechanisms, transaction monitoring, risk assessment, and investigations.

AML / KYC

Singapore: Former BP Director Jailed on Corruption Charges

By Editors | 14/05/2021

The former regional director was also ordered to pay a penalty of SGD 6.2 million and faces additional money laundering charges.

Enforcement

Singapore Court Sentences Former Banker to Seven Years’ Jail

By Editors | 12/05/2021

The former UOB and OCBC banker promoted fictitious deposit and investment products to customers and then misappropriated the funds.

Enforcement

Hong Kong Court Jails Former CCB Asia Sales Representative

By Editors | 12/05/2021

A CCB Asia sales executive secured a loan for a customer whose data was obtained from a DBS sales executive in exchange for a commission.