Enforcement

AML / KYC

Chinese Police Arrest 234 Suspects for Henan Bank Fraud

By Editors | 31/08/2022

Authorities say they have made “significant progress” in recovering the stolen money and have also started repaying more victims of the fraud.

AML / KYC

AUSTRAC Orders AML Audit at The Perth Mint

By Manesh Samtani | 31/08/2022

Earlier reports suggest the audit could be related to Perth Mint’s previous relationship with Euro Pacific Bank, which was forced to close in Puerto Rico earlier this year.

Enforcement

CBIRC Directs FIs to Correct Violations of Personal Data Rights

By Darien Choong | 30/08/2022

Banks, wealth management companies, and insurance companies are required to perform self-assessments to identify and rectify violations.

Enforcement

UK Regulators Conclude Six-Year Probe Into HBOS Execs

By Manesh Samtani | 30/08/2022

No further action will be taken against former senior managers of HBOS, which collapsed in 2008 during the height of the 2008 global financial crisis.

Enforcement

Korean Regulators Start Short-selling Inspections at Foreign Firms

By Editors | 30/08/2022

The FSS has launched an inspection of Morgan Stanley’s short-selling practices. Similar inspections at BAML and Goldman Sachs will come next.

Enforcement

Myanmar Warns Against Illegal Foreign Exchange Trading

By Mark Johnston | 29/08/2022

The central bank warned that serious action will be taken against online businesses that are found to be illegally buying and selling foreign currencies.

Enforcement

Bangladesh Bank Intensifies Crackdown on Illegal FX Transactions

By Mark Johnston | 29/08/2022

Dozens of money changers are being investigated for money laundering. Several banks are accused of making “excessive” profits from dollar sales.

Enforcement

HKMA Fines Commerzbank for CDD & PEP Screening Failures

By Editors | 29/08/2022

The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.

Enforcement

MAS Fines Noble Group Over Misleading Financial Statements

By Editors | 25/08/2022

The S$12.6mn fine is understood to be the largest fine for the publication of misleading financial statements in Singapore’s history.