Enforcement

AML / KYC

UK Court Hands Down Longest Ever Jail Terms for Money Laundering

By Editors | 02/01/2022

A Russian and Lithuanian were sentenced to 16 and 17 years in prison, respectively, for laundering £70mn over four years.

AML / KYC

SFC Fines Grand International Futures for AML Breaches

By Editors | 02/01/2022

Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.

Enforcement

HK ICAC Charges Six Former AXA Employees For Fraud

By Editors | 24/12/2021

The ICAC charged the six former employees with conspiracy to defraud AXA of over HKD 950,000 in commissions and bonuses.

Enforcement

UK Regulator Fines StanChart Over Liquidity Reporting Errors

By Editors | 24/12/2021

The PRA said StanChart’s internal controls and governance arrangements underpinning its regulatory reporting were not implemented or operating effectively.

Enforcement

Australian Court Fines Mayfair Companies for Misleading Advertising

By Sanday Chongo Kabange | 24/12/2021

Four Mayfair companies were fined a combined A$30mn for “deliberately” misleading investors into buying highly speculative and risky investment products.

Enforcement

US Authorities Criminally Convict NatWest on Spoofing Charges

By Editors | 24/12/2021

NatWest traders engaged in schemes to defraud in connection with spoof orders designed to profit from manipulation of the US Treasury securities and futures markets, the DOJ said.

Enforcement

CSRC Launches Inspections at Financial Asset Exchanges

By Editors | 22/12/2021

Some exchanges were found to be illegally facilitating financing for property developers through the issuance of non-standard debt financing products.

Enforcement

CBIRC Details Consumer Rights Infringements by Huaxia Bank

By Darien Choong | 21/12/2021

The bank used credit card contracts to “force” customers to accept cross-selling, which infringes on consumers’ right to fair transactions, the CBIRC said.

AML / KYC

HKMA Fines ePaylinks Technology for AML/CTF Breaches

By Editors | 20/12/2021

SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.