ENFORCEMENT

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211 dividend cheques were sent to outdated mailing addresses, containing client names, NRIC numbers, CDP account numbers, and details of the securities held.

Enforcement

CBIRC Fines Two Major Banks for Data Privacy Breaches

By Editors | 09/08/2020

China Merchants Bank and Bank of Communications were fined for failing to protect the personal data of credit card customers.

Enforcement

HK Bourse Seeks Broader Powers to Punish Misconduct

By Editors | 09/08/2020

Hong Kong’s stock exchange proposes to enhance its disciplinary regime to enhance its ability to hold accountable and sanction senior managers and directors responsible for misconduct.

Enforcement

US Regulators Unveil Plan to Deal With Chinese Listings

By Editors | 08/08/2020

A presidential working group which includes the chairmen of the SEC, CFTC and Fed has recommended changes to US listing rules to require access to companies’ audit papers.

AML / KYC

US Sanctions 11 Chinese, Hong Kong Officials

By Manesh Samtani | 08/08/2020

The HKMA says unilateral sanctions imposed by foreign governments have “no legal status” in Hong Kong and banks should endeavour to treat customers fairly.

AML / KYC

Singapore Authorities Issue First Charges in Wirecard Probe

By Editors | 08/08/2020

A director of Citadelle Corporate Services is said to have “wilfully and with intent to defraud” stated false balances held in escrow on behalf of Wirecard in 2016 and 2017.

Enforcement

CEO Faces 112 Charges of Market Rigging in Singapore

By Editors | 06/08/2020

CEO and chairman of SGX-listed KS Energy is alleged to have engaged in conduct to push up his company’s stock and create a misleading appearance of its price.