ENFORCEMENT

Enforcement

Singapore Court Jails Former CFO for Loan Fraud

By Ranamita Chakraborty | 05/05/2021

The former CFO of Coastal Oil Singapore conspired with three colleagues to deceive 8 banks into disbursing over $300mn in loans.

Crypto / Digital Assets

UPDATED – BaFin Says Binance Stock Tokens Violate Securities Laws

By Sanday Chongo Kabange | 05/05/2021

The tokens require the publishing of a prospectus, “minimum information required by law” for the sale of an investment product.

Enforcement

CBIRC Fines Shanghai Pudong Development Bank For Mis-selling

By Editors | 05/05/2021

The fine comes two weeks after the CBIRC accused the bank of failing to fully disclose the risks of a private placement investment product to investors.

Enforcement

HKMA Adjusts Scope of Mandatory Reference Checking Regime

By Manesh Samtani | 05/05/2021

The HKMA has adjusted the scope of the regime, shortened the record retention requirement, and lengthened the time allowed to respond to an MRC request.

AML / KYC

OFAC Penalises MoneyGram & SAP for Sanctions Violations

By Editors | 05/05/2021

In both cases, OFAC cited voluntary self-disclosures, the non-egregiousness of the violations, and remedial action as the reasons for the penalty amounts.

Enforcement

ASIC Finds Client Detriment in Review of IOOF Licensees

By Ranamita Chakraborty | 03/05/2021

In a statement, IOOF said that the advice file reviews highlighted by ASIC were already part of its existing remediation programmes of work.

Enforcement

SG Police Lays 23 Forgery Charges Against Hin Leong Founder

By Editors | 03/05/2021

Lim Oon Kuin now faces a total of 25 charges – 14 counts of abetment of forgery for the purpose of cheating, and 11 counts of abetment of forgery simpliciter.

Enforcement

Australian Court Charges Woman for Superannuation Fraud

By Editors | 01/05/2021

A woman is said to have submitted multiple false hardship claims on behalf of others to gain early access to A$330,000 in superannuation.

Enforcement

CBIRC Warns Banks of Stronger Penalties for Shareholder Violations

By Editors | 01/05/2021

Banks and insurers are asked to conduct self-assessments and improve their accountability standards and procedures to guard against illegal behaviour.