Enforcement

AML / KYC

Singapore Police Issue First Charges in Nickel Trading Fraud Case

By Editors | 22/03/2021

At least SGD 1 billion was invested for the purported sale and purchase of nickel, making the case one of the largest financial fraud cases in Singapore.

Enforcement

CBIRC Finds Violations in XW Bank’s Consumer Loans Business

By Editors | 22/03/2021

Xiaomi-backed digital bank, XW Bank, breached financial regulations for charging over 30 percent interest on consumer loans.

AML / KYC

EU Sanctions Officials from China, Myanmar, Others

By Editors | 22/03/2021

The EU, US, UK and Canada all imposed sanctions against Chinese officials and entities on Monday, citing human rights abuses in Xinjiang.

Enforcement

Taiwan Regulators Steps Up Scrutiny of Clubhouse App

By Ranamita Chakraborty | 22/03/2021

The social media app restricts voice recording without the consent of every speaker in a chat room, which may create a loophole for stock manipulators.

AML / KYC

AUSTRAC Questioned on Handling of Drug Money Case

By Editors | 21/03/2021

AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.

Enforcement

CBIRC Fines Sichuan Trust Over Illegal Loans, Other Violations

By Editors | 21/03/2021

The CBIRC listed 13 violations for the CNY 34.9 billion fine. A team of officials already took control of Sichuan Trust in December following its failure to repay investors.

Enforcement

ASIC Bans Director, Account Managers at FX Broker

By Editors | 21/03/2021

Clients were pressured to deposit funds into their trading accounts, engage in high-risk trading, and delay or cancel withdrawal requests.

AML / KYC

FCA Files Criminal Proceedings Against NatWest for AML Failures

By Editors | 19/03/2021

NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.

Enforcement

SAFE Fines China Development Bank for Illegally Facilitating HNA Loan

By Editors | 19/03/2021

SAFE imposed a CNY 42.7 million fine on China’s biggest policy bank for illegally guaranteeing a loan to a company linked to HNA Group.