Enforcement

AML / KYC

Bangladesh Brokerage Owners Accused of Embezzlement

By Editors | 17/07/2021

The BSEC has initiated an inquiry into Banco Securities, which has already had its trading suspended and bank account frozen amid embezzlement allegations.

Enforcement

Hong Kong Stock Exchange Issues Revised Enforcement Policy

By Matt Emsley | 16/07/2021

Herbert Smith Freehills partners explain the implications of the Hong Kong Stock Exchange’s updated policy statement on Listing Rule enforcement.

Enforcement

Bangladesh Probes Loss-making State Banks Over Large Bonuses

By Sanday Chongo Kabange | 16/07/2021

Under existing rules, employees should not receive incentive bonuses from state-owned commercial banks if they fail to make a profit.

Enforcement

Chinese Regulators Penalise Dagong Global Credit Rating

By Sanday Chongo Kabange | 16/07/2021

Dagong failed to adequately scrutinise or inspect the businesses it was evaluating, and adjusted its ratings models without giving sufficient reason.

Enforcement

RBI Imposes Restrictions on Mastercard Over Data Storage

By Editors | 15/07/2021

The action may hamper the ability of private banks to issue new cards to customers in the near term due to their exclusive tie-ups with Mastercard.

Enforcement

China to Require Cybersecurity Reviews Before Firms List Overseas

By Manesh Samtani | 14/07/2021

Companies that have personal information of more than 1 million users must submit to a cybersecurity review by the Office of Cybersecurity Review.

AML / KYC

Malaysia Files Suit Against KPMG Partners Over 1MDB Losses

By Editors | 13/07/2021

The Malaysian government and 1MDB filed a $5.64bn lawsuit against 44 current and former KPMG partners over the firm’s audits of 1MDB’s financial statements.

Enforcement

RBI Penalises Fourteen Banks Over NBFC Lending

By Editors | 12/07/2021

The banks include Credit Suisse, Central Bank of India, SBI, Bank of Baroda, Bank of Maharashtra, IndusInd Bank, and Indian Bank, among others.

Enforcement

Australian Court Set to Impose First Sentences Over Bad Audits

By Editors | 11/07/2021

EC Audit and its former director are the first auditors in Australia to face criminal prosecution for failure to comply with auditing standards.