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Enforcement
ASIC Consults on When to Convene FSCP Sitting Panels
By Ranamita Chakraborty | 03/03/2022
ASIC proposes that it will generally convene an FSCP sitting panel when misconduct is widespread or part of a growing trend, or where doing so can have deterrence benefits.
Enforcement
SFC Permanently Bans Ex-HSBC Employee Over Bribery Convictions
By Editors | 02/03/2022
The former vice president accepted gifts as inducements to handle credit applications and maintain the credit facilities for two companies controlled by a client.
AML / KYC
China Supreme Court Makes Crypto Fundraising a Criminal Offence
By Editors | 02/03/2022
Fundraising that exceeds CNY 50 million, or losses involving at CNY 25 million or 5,000 people, could result in more than 10 years in prison.
AML / KYC
UK Fast-Tracks Property Ownership Transparency Bill
By Manesh Samtani | 01/03/2022
The Economic Crime (Transparency and Enforcement) Bill first promised in 2016 has been introduced in Parliament and will be fast-tracked through the legislature.
Enforcement
HK Court Offers Questionable Rationale in Insider Dealing Case
By Tom Fyfe | 01/03/2022
The court’s decision merely transfers illicit profits to a select group of individuals who were “lucky enough to have traded with the insider”, says Tom Fyfe.
AML / KYC
AUSTRAC Launches Federal Court Proceedings Against Crown Casinos
By Editors | 01/03/2022
Crown Melbourne and Crown Perth failed to assess ML/TF risk, carry out appropriate due diligence on customers, and establish a transaction monitoring programme.
AML / KYC
US Regulators Fine National Bank of Pakistan $55m for AML Violations
By Sanday Chongo Kabange | 01/03/2022
National Bank of Pakistan is required to pay penalties, correct deficiencies in its AML compliance, and submit quarterly progress reports on remedial actions taken.
Enforcement
HK ICAC Charges Bank Employee and Two Others for Bribery
By Editors | 28/02/2022
A relationship manager and two representatives of secretarial services companies allegedly offered and accepted bribes to help non-domestic clients open accounts with three Hong Kong banks.
Enforcement
CSRC Asks Morgan Stanley to Provide Information on US Probe
By Editors | 28/02/2022
The CSRC has reportedly given Morgan Stanley 30 days to provide details about its role in a US investigation into its block trading practices.
AML / KYC
BitConnect Founder Indicted for Running Crypto Ponzi Scheme
By Editors | 28/02/2022
BitConnect founder Satish Kumbhani and his co-conspirators obtained fraudulent gains from investors amounting to about USD 2.4 billion.
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