ENFORCEMENT

Enforcement

Hong Kong ICAC Charges Two Former AIA Agents With Fraud

By Sanday Chongo Kabange | 25/10/2020

A former district manager and former insurance agent each face one count of fraud in separate cases for submitting false income proof statements.

AML / KYC

MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’

By Editors | 23/10/2020

The former banker received about $5mn in fund management fees in an entity he beneficially owned, at the expense of and without the knowledge of BSI Bank.

Enforcement

ICAC Charges Two With Conspiracy To Defraud Lender

By Sanday Chongo Kabange | 22/10/2020

The two falsely represented that 14 loan applications were referred to induce the licensed lender to pay about HKD 600,000 in referral fees.

Enforcement

Sydney Court Orders SocGen Securities to Pay A$30,000 Penalty

By Sanday Chongo Kabange | 22/10/2020

SocGen pleaded guilty in July for failing to pay client money into segregated authorised bank accounts and for making payments out of a client money account that were not permitted.

Enforcement

PBOC Fines Six Bank Branches for Customer Data Rights Breaches

By Editors | 22/10/2020

The $6mn in penalties against state-owned banks follows last week’s unveiling of what will be China’s first unified piece of national legislation on the protection of personal data.

AML / KYC

Goldman Resolves Remaining 1MDB Charges for $2.9bn

By Manesh Samtani | 22/10/2020

Under the coordinated resolution, Goldman will pay $606mn in disgorgement and more than $2.3bn in penalties to authorities in the US, UK, Hong Kong and Singapore.

Enforcement

Malaysia SRO Reprimands Two Unit Trust Consultants for Misconduct

By Sanday Chongo Kabange | 22/10/2020

The two consultants allegedly schemed a plot to market, distribute and sell unit trust funds while they served as registered consultants of different entities.

Enforcement

Singapore Lawyer Faces Life in Prison for Cheating, Breach of Trust

By Editors | 22/10/2020

The JLC Advisors managing partner absconded with S$33.8mn in client money last year but was arrested in Malaysia. 19 new charges relate to his misappropriation of S$17.5 from another client.

Enforcement

Australian Federal Court Fines OTC Derivative Issuers A$75m

By Editors | 22/10/2020

The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC’s costs and to refund approximately 10,000 former clients, on top of the penalties.