ENFORCEMENT

Enforcement

Taiwan Addresses Bank Misconduct With Higher Penalties: Fitch

By Editors | 17/12/2020

Banks are expected to work to strengthen their risk controls, particularly around wealth management to avoid penalties and preserve their corporate governance rankings.

Enforcement

US SEC Settles Luckin Coffee Fraud Charges for $180m

By Editors | 17/12/2020

Luckin materially misstated its revenue, expenses, and net operating loss to falsely appear to achieve rapid growth and increased profitability, the SEC said.

Enforcement

CSRC Suspends Credit Rating Agency, Orders Improvements

By Editors | 16/12/2020

The rating agency has been asked to carry out a comprehensive rectification programme, strengthen internal controls, and improve the quality of its ratings.

Enforcement

ASIC Sues Three Firms For Illicitly Offering FX Margin Trading

By Sanday Chongo Kabange | 15/12/2020

ASIC alleges Union Standard provided trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those products.

Capital / Liquidity

APRA Lowers Allianz Capital Charge to Reflect Better Risk Governance

By Editors | 10/12/2020

In recognition of progress to address risk governance issues, APRA has reduced Allianz’s additional capital requirement from A$250mn to A$150mn.

Big Picture

APAC Overtook US in AML Penalties For 2020: Fenergo

By Editors | 10/12/2020

APAC has overtaken the US in terms of the value of enforcement actions for the first time since 2015, largely due to the Goldman and Westpac cases.

Enforcement

Singapore Authorities Issue More Charges in Wirecard Probe

By Editors | 09/12/2020

The director of local accounting firm Citadelle Corporate Services was hit with three additional charges for falsifying letters confirming Wirecard cash balances.

AML / KYC

US Sanctions Another 14 Chinese Officials Over Hong Kong

By Editors | 08/12/2020

A Chinese foreign ministry spokesperson said Beijing would take “firm counter-measures against the malicious actions by the US”.

AML / KYC

The Best Weapon to Shut Down the Illegal Wildlife Trade

By Steve Galster | 07/12/2020

Freeland’s Steve Galster discusses new initiatives to stop illegal wildlife traffickers by hitting them where it hurts the most – in their bank accounts – and how financial institutions can help.