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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.
Enforcement
RBI Lifts Restrictions on Digital Product Launches at HDFC
By Editors | 16/03/2022
The restrictions were imposed in 2020 in response to multiple digital outages that impacted customers. HDFC is India’s largest private bank.
Enforcement
CSRC Issues Draft Rules to Enhance Civil Compensation System
By Darien Choong | 16/03/2022
The rules will enable aggrieved investors to claim compensation from amounts already paid by securities violators in fines and confiscations.
AML / KYC
Tencent Faces Record Penalty Over AML Breaches – Report
By Sanday Chongo Kabange | 16/03/2022
The breaches involved failures to verify the identities of users and merchants transacting on WeChat Pay, as well as the source of funds for those transactions.
Enforcement
SEBI Seizes Records from Market Manipulators in 4 States
By Editors | 14/03/2022
Individuals and entities were operating Telegram channels to encourage investors to deal in listed stocks, thereby creating “artificial volume and price rise”.
AML / KYC
Singapore Court Imposes 9 Year Jail Sentence for IRAS Fraud
By Editors | 10/03/2022
230 companies, mostly dormant and shell companies, were used to submit 400 fraudulent applications claiming tax breaks.
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