ENFORCEMENT

Enforcement

Taiwan FSC Initiates Probe into Taipei Fubon Bank President

By Editors | 12/08/2020

Taipei Fubon Commercial Bank’s president is alleged to have asked subordinates to approve a $30mn loan to a loss-making China-based health supplement company for his own benefit.

AML / KYC

Australia Police Arrest Three on Money Laundering Charges

By Editors | 12/08/2020

Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.

Enforcement

SFC Bans Account Exec for 18 Months Over Discretionary Trading

By Editors | 12/08/2020

The former China Tonghai Securities account executive effected over 6,000 trades in a client’s account on a discretionary basis for almost 7 years without authorisation.

Enforcement

ICAC Charges Former Dah Sing Bank Manager with Fraud

By Editors | 12/08/2020

The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.

Enforcement

SEBI to Only Accept Complaints through Online Platform

By Editors | 12/08/2020

SEBI’s web-based centralised grievance redressal system known as SCORES has been in operation for 9 years. A new mobile app was launched in March.

AML / KYC

New Zealand FIU Boasts ‘Excellent Outcomes’ in June

By Editors | 12/08/2020

June saw the restraint of NZ$140mn from alleged money launderer Alexander Vinnik and the seizure of over 30 high-end cars from outlaw motorcycle gangs.

AML / KYC

China Imposes Reciprocal Sanctions Against US Officials

By Editors | 10/08/2020

“China has decided to impose sanctions on those individuals who behaved badly on Hong Kong-related issues,” said a spokesperson, without specifying what the sanctions would entail.

Enforcement

CBIRC Fines Industrial Bank for Illegal Use of Interbank Funds

By Editors | 10/08/2020

Industrial Bank’s Shanghai branch used the funds for equity investments, government financing, and to pay land transfer fees.

Enforcement

Singapore’s Central Depository Fined for Data Privacy Breaches

By Editors | 10/08/2020

211 dividend cheques were sent to outdated mailing addresses, containing client names, NRIC numbers, CDP account numbers, and details of the securities held.