ENFORCEMENT

AML / KYC

Malaysia Jails Eight Over Illegal Deposit-taking Scheme

By Editors | 05/08/2020

Eight individuals were sentenced to between three and nine years’ jail. Total fines issued, including against three companies, amount to $310mn.

Enforcement

CBA Increases Remediation Provisions Ahead of Full-Year Results

By Editors | 05/08/2020

Customer remediation provisions have been increased by A$300mn, bringing CBA’s total remediation bill to A$834. The full-year results are due on 12 August.

Enforcement

Ex-GM of Hong Kong Investment Firm Charged with Theft

By Editors | 04/08/2020

The former general manager of Max Dragon Investment is alleged to have stolen HK$22mn from the company bank account between December 2012 and May 2014.

Enforcement

Australia: Former Financial Adviser Jailed for Six Years

By Sanday Chongo Kabange | 04/08/2020

Graeme Walter Miller was sentenced to six years’ imprisonment for misappropriating close to A$2mn for his own purposes.

Enforcement

Chinese Regulators Complete Luckin Probe, Confirm Fraud

By Editors | 04/08/2020

The Ministry of Finance and State Administration for Market Regulation both intend to impose administrative penalties against Luckin Coffee for fraud.

AML / KYC

OFAC Sanctions Chinese Entity Over Human Rights Abuses

By Editors | 04/08/2020

The XPCC is considered by OFAC to be a paramilitary organisation with large commercial operations that that are likely to be impacted by US sanctions.

AML / KYC

EU Imposes First Sanctions Against Cyber Attackers

By Editors | 03/08/2020

Measures will be taken against six individuals and three entities, including travel bans, asset freezes, and a prohibition on obtaining funding from the EU.

Enforcement

ATO Commences Pilot Audit of Early Super Withdrawal Scheme

By Editors | 03/08/2020

The tax office is contacting Australians who withdrew their superannuation funds early to assess if the need was genuine, and whether they should be penalised.

AML / KYC

Ex Coutts Banker Fined Over $700m 1MDB Transfer

By Editors | 03/08/2020

The former Coutts & Co banker approved a $700mn transfer request from Jho Low, the alleged mastermind behind the 1MDB scandal, despite repeated red flags.