Enforcement

Enforcement

Taiwan FSC Probes Next Bank Over Possible Regulatory Breaches

By Sanday Chongo Kabange | 22/04/2021

Next Bank is one of the three internet-only banks that was issued a licence by the FSC in 2019. The bank has yet to launch operations.

Enforcement

Australian Court Imposes 20-Year Ban on Mayfair 101 Director

By Editors | 22/04/2021

James Mawhinney is prohibited from promoting and raising funds from the public through financial products for 20 years.

AML / KYC

ABN Amro to Settle Dutch AML Probe for €480m

By Manesh Samtani | 22/04/2021

ABN Amro conducted inadequate client due diligence, assigned risk classifications in an incorrect manner, and fell short in alert processing, among other failures.

Enforcement

Mirae Asset Sues Shinhan Over Lime Fund Losses

By Sanday Chongo Kabange | 21/04/2021

Shinhan Bank has separately been ordered to repay up to 75 percent of investments it sold in Lime’s credit insured funds.

Enforcement

Chinese Court Accepts First Class Action Against Listed Company

By Sanday Chongo Kabange | 20/04/2021

The CSRC said the lawsuit will help listed companies and intermediaries to improve their internal governance and standardise market operations.

Enforcement

Former AIA Agent Convicted For Fraud Over Signing Fee

By Editors | 19/04/2021

The former representative submitted false income proof statements to deceive AIA into offering him a higher signing fee.

AML / KYC

China Cracks Down on Payments from Underground Banks

By Sanday Chongo Kabange | 19/04/2021

Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.

AML / KYC

US Sanctions Russia Over Election Interference, Cyber Attack

By Manesh Samtani | 16/04/2021

US banks will be barred from purchasing rouble-denominated sovereign bonds in the primary market starting from 14 June.

Enforcement

China May Transfer Huarong to Sovereign Wealth Fund – Report

By Sanday Chongo Kabange | 16/04/2021

Huarong’s failure to publish its earnings by its 31 March deadline has prompted concerns of a default by China’s largest distressed debt manager.