Enforcement

Enforcement

RBI Penalised StanChart, SBI for Regulatory Violations

By Editors | 18/10/2021

The RBI cited non-compliance with its directions on customer protection, cybersecurity, outsourcing, and reporting.

Enforcement

HK Court Jails Former Convoy, Gransing Executives

By Editors | 17/10/2021

Former Convoy executives conspired to dishonestly arrange for bond placement commissions to be diverted to a company they substantially owned.

AML / KYC

OFAC Issues Sanctions Guidance for Crypto Sector

By Editors | 17/10/2021

OFAC expects virtual currency operators to identify and block IP addresses that originate in sanctioned jurisdictions, including via VPNs.

Enforcement

CBIRC Fines Privately Owned Banks Over Poor Risk Controls

By Editors | 15/10/2021

The fine against Chongqing Fumin Bank was the largest ever against a privately owned bank. Two others were also penalised.

Enforcement

RBNZ Consults on Approach to Enforcement Decision-making

By Editors | 14/10/2021

A new consultation paper seeks feedback on the principles and criteria which will guide the RBNZ’s enforcement decision-making process moving forward.

Enforcement

Hong Kong Police Arrest 32 Over PLGS Loan Fraud

By Sanday Chongo Kabange | 13/10/2021

A syndicate with triad links allegedly use cold calls and posed as bank staff to lure victims into the illicit scheme promising government-guaranteed low-interest loans.

Enforcement

China Launches Inspections of Financial Regulators, State Banks

By Editors | 13/10/2021

Inspection teams will be dispatched to the PBOC, CBIRC, CSRC, stock exchanges, and state-owned banks and asset managers to identify corruption.

Enforcement

Taiwan FSC to Standardise Data Breach Reporting Timelines  

By Darien Choong | 13/10/2021

The FSC says standardising the breach reporting time at 72 hours will improve the efficiency of managing fraud and data theft.

Enforcement

New Zealand FMA Censures Derivatives Issuer FIRMA NZ

By Editors | 11/10/2021

Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were “persistent and systemic”.