Enforcement

Enforcement

Shanghai, Shenzhen Bourses Crack Down on Shell Companies

By Darien Choong | 04/12/2021

The new delisting system includes an indicator to measure the sustainability and operating ability of a listed company, to help eliminate shell companies.

Enforcement

SFC Bans Former Private Banker Over False Academic Qualifications

By Editors | 01/12/2021

The SFC considers the former relationship manager to not be fit and proper as her conduct was “plainly dishonest”.

AML / KYC

Environmental Crime, A Global Security Issue

By Manesh Samtani | 01/12/2021

Interpol’s Rory Corcoran says environmental crime is funding global terrorism and organised crime, while also impacting the sustainability agenda.

AML / KYC

Police Arrest 1,000 in Interpol Operation Targeting Online Fraud

By Ranamita Chakraborty | 01/12/2021

The operation was used to test a new worldwide stop-payment mechanism which Interpol plans to fully embed in police communication channels next year.

Enforcement

SAFE Fines Tenpay for Breaching Foreign Exchange Rules

By Editors | 30/11/2021

Tenpay failed to submit relevant materials and handle foreign exchange sales services in accordance with regulations.

Enforcement

ASIC Files Multiple Court Proceedings Against Westpac

By Editors | 30/11/2021

Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.

Enforcement

APRA Imposes Capital Surcharge on Heritage Bank

By Editors | 29/11/2021

Heritage Bank will also have to complete a remediation programme to address governance and risk management concerns.

Enforcement

Hong Kong SFC Investigates Ramp-and-Dump Scam

By Editors | 29/11/2021

Restriction notices have been sent to two brokerage firms prohibiting them from dealing in assets worth HK$312mn held across 17 trading accounts.

Enforcement

Japan FSA Orders Mizuho to Undergo Structural Reforms

By Editors | 29/11/2021

Mizuho is directed to formulate plans to improve its governance and prevent more system failures from occurring. Three top executives will resign.