ENFORCEMENT

Enforcement

ASIC Launches Civil Proceedings in Two Fees-for-no-service Cases

By Sanday Chongo Kabange | 20/08/2020

ASIC has commenced ‘fees for no service’ cases against Asgard Capital Management, BT Funds Management, and StatePlus Super.

AML / KYC

APAC Regulators Issue Nearly $4bn in AML Fines in H1 2020

By Editors | 19/08/2020

Fraudulent activity brought on by Covid-19 related initiatives may result in enforcement actions later in the year and into 2021, says Fenergo’s Rachel Woolley.

Enforcement

Top Chinese Court Issues Guidance on Punishing ChiNext Crimes

By Editors | 19/08/2020

The “zero tolerance” guidance came days before the first batch of companies are set to debut under ChiNext’s new registration-based system.

Enforcement

MAS Bans Two Individuals for Fraud and Dishonest Conduct

By Editors | 19/08/2020

Prohibition orders were issued against former representatives of Prudential Assurance Company Singapore and Bank of Singapore in two unrelated cases.

AML / KYC

PEPs in the Limelight: Three Components to Mitigate Risk

By Editors | 19/08/2020

To understand the money laundering risks they face, financial firms need a robust and scalable approach to PEP identification and due diligence, says Refinitiv’s Michael Meadon.

Enforcement

China’s P2P Crackdown Leaves Just 29 Operators in Business

By Manesh Samtani | 17/08/2020

Savers who invested in the thousands of now-defunct P2P platforms over the last several years have not yet managed to recover their funds.

Enforcement

SEC Opens Fraud Investigation Into Chinese Streaming Service iQiyi

By Sanday Chongo Kabange | 17/08/2020

The investigation into follows an April report from Wolfpack Research alleging Nasdaq-listed iQiyi inflated its revenue, user numbers and expenses.

Enforcement

Singapore Police Lay First Charge Against Hin Leong Founder

By Editors | 16/08/2020

While investigations into other offences are ongoing, the charge of abetment of forgery for the purpose of cheating carries a punishment of up to ten years’ imprisonment and a fine.

Enforcement

CSRC Optimises Rules on Administrative Reconciliation

By Lucy Zhang | 13/08/2020

The revisions will help to ensure investors are compensated for losses in a timely manner and market order is restored as soon as possible, the CSRC says.