ENFORCEMENT

Enforcement

CSRC Revises Rules for Banning Access to Securities Market

By Editors | 24/01/2021

The draft rules will allow regulators to restrict an individual or entity from trading in all securities and securities investment funds nationwide for up to 5 years.

AML / KYC

Hong Kong ICAC Charges Another in DBS L/C Fraud Case

By Editors | 23/01/2021

The construction company director conspired with other individuals to defraud DBS into issuing $75.3mn in L/Cs that had no genuine underlying transactions.

AML / KYC

China Sanctions 28 Trump Officials as Biden Takes Office

By Editors | 21/01/2021

The 28 officials and their immediate family members will be barred from entering China, Hong Kong and Macao, and restricted from doing business with China.

Enforcement

NAFMII Punishes Bond Underwriters Over SOE Default

By Editors | 21/01/2021

The three banks failed to conduct proper due diligence and verify cash that appeared to be abnormally restricted when underwriting Yongcheng Coal’s bonds.

AML / KYC

HK Police Arrest Bank Staff for Money Laundering – Report

By Editors | 20/01/2021

The 7 individuals arrested are said to have helped a member of an international money laundering syndicate open at least 14 bank accounts.

AML / KYC

China Shuts Down Cross-border Gambling, Payments Platforms

By Sanday Chongo Kabange | 20/01/2021

The Ministry of Public Security arrested over 75,000 suspects and shut down thousands of online gambling platforms, payment platforms and underground banks in 2020.

AML / KYC

US Sanctions Six More Chinese, Hong Kong Officials

By Editors | 17/01/2021

The latest designations are a response to the arrest of 53 pro-democracy politicians and activists this month. Hong Kong’s government called the move “insane, shameless and despicable”.

Enforcement

30 Firms Reprimanded Over Data Privacy Violations in Guangdong

By Editors | 16/01/2021

The Guangdong Communications Administration ordered 30 firms including banks and securities firms to fix the breaches and revamp their mobile phone apps.

Enforcement

NAFMII Identifies Regulatory Breaches at Haitong Securities

By Editors | 14/01/2021

The breaches have been reported to the PBOC and CSRC, which are likely to issue penalties to Haitong Securities and its subsidiaries.