Enforcement

AML / KYC

Good Intentions: The FATF Faces Its Own Unintended Consequences

By Tom Keatinge | 08/08/2021

The FATF’s unintended consequences study will point to necessary reforms that the watchdog will be unwilling to undertake.

Securities / Derivatives

Hong Kong ICAC Charges Securities Brokers for Bribery

By Editors | 08/08/2021

Two securities brokers accepted commissions to arrange for their clients to use a futures trading programme provided by a software company.

Enforcement

ASIC Sues Credit Firms for Failing to Cooperate with AFCA

By Sanday Chongo Kabange | 06/08/2021

Two firms repeatedly engaged in disruptive, aggressive and uncooperative behaviour toward AFCA, a civil penalty offence since April 2019.

Enforcement

CSRC Penalises Yongcheng Coal, Executives for Fraud

By Sanday Chongo Kabange | 05/08/2021

Yongcheng Coal and its executives were fined for fraudulent disclosures and for inflating its books. The company defaulted on a CNY 1 billion bond last year.

Enforcement

ASIC Issues Update on Compensation Paid for Non-compliant Advice

By Editors | 05/08/2021

Australia’s 6 largest FIs have paid over A$1.86 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.

Enforcement

CBIRC Fines Trust Company for ‘Major’ Regulatory Violations

By Editors | 05/08/2021

The trust company was fined CNY 5.66 million for risk control failures, mismanagement of its trust schemes, and other “serious” breaches.

AML / KYC

Singapore: Woman Jailed for Helping to Launder Scam Proceeds

By Sanday Chongo Kabange | 05/08/2021

Rohaiza Alap provided 25 bank accounts to scammers to launder S$2mn out of Singapore. She also recruited others to act as money mules.

Enforcement

Singapore Police Charge Daughter of Hin Leong Founder

By Editors | 04/08/2021

Lim Huey Ching instructed a Hin Leong employee to ensure deleted items could not be recovered and to permanently dispose of server backups.

AML / KYC

Australian Mining Magnate Charged Over A$38.5m Tax Evasion

By Sanday Chongo Kabange | 03/08/2021

The founder of a mining software and equipment company did not disclose overseas trust assets and evaded income tax over 15 years.