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AML / KYC
China Imposes Retaliatory Sanctions Against US Officials
By Editors | 13/07/2020
The US President said that a phase two trade deal with China isn’t under consideration, though China has continued to meet its commitments under the phase one deal signed in January.
Enforcement
CSRC Imposes Underwriting Restrictions on GF Securities
By Editors | 13/07/2020
14 GF Securities officers have also been barred from investment banking. The enforcement action is related to a $12.6bn fraud at drugmaker Kangmei Pharmaceutical.
Enforcement
Taiwan FSC Fines Chang Hwa Bank Over Client Theft
By Editors | 11/07/2020
A Chang Hwa Bank consultant was found to have used over $2mn of client money to make up losses for other clients over a ten year period.
Enforcement
ASIC’s Loss to Westpac is Terrible for Everyone
By Andy Schmulow | 11/07/2020
Despite its recent Federal Court loss, ASIC was right to appeal the dismissal of its responsible lending case against Westpac, says bank conduct specialist Dr Andy Schmulow.
Enforcement
ASIC Consults on Second Use of Product Intervention Power
By Editors | 10/07/2020
ASIC names BHF Solutions and its associate, Cigno, as two companies that enter into high-cost continuing credit contracts with retail customers without a credit licence.
Enforcement
CSRC to Punish 258 Firms Illegally Financing Margin Trading
By Editors | 09/07/2020
The CSRC warns that illegal lenders are offering margin loans via websites, mobile apps and social media, promising investors 10 times leverage and high profits.
AML / KYC
New York Regulator Fines Deutsche Bank for AML Failures
By Editors | 08/07/2020
Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.
Enforcement
Indonesia’s Planned Bank Regulation Reshuffle Will Take Time
By Duruthu E Chandrasekera | 08/07/2020
President Joko Widodo’s plan to return bank oversight functions to Bank Indonesia is unlikely to be an immediate fix for the ongoing Covid-19 related challenges.
Enforcement
Ex-ICBC Shanghai Boss Pleads Guilty to Bribery
By Editors | 08/07/2020
Prosecutors said Gu Guoming took advantage of his position to help others obtain loans and project contracts, and illegally received bribes worth over 136 million yuan.
AML / KYC
UK Imposes First Sanctions Over Human Rights Abuses
By Editors | 07/07/2020
The UK has designated 25 Russians, 20 Saudi Arabians, two Myanmar generals, and two North Korean organisations. Their UK assets will be frozen.
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