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Enforcement
FSS Korea Considers Legal Action Against HK Hedge Fund
By Editors | 07/07/2020
Large losses on leveraged positions at Hong Kong-based Gen2 Partners earlier this year prompted a liquidity squeeze and a freeze on early redemptions.
AML / KYC
CBIRC Discloses List of ‘Illegal Shareholders’ of Banks, Insurers
By Editors | 06/07/2020
20 of the 38 companies on the list are linked to either Baoshang Bank or Anbang Insurance, which both needed a state bailout in recent years.
AML / KYC
Spanish Court Penalises Four ICBC Employees for AML Violations
By Editors | 06/07/2020
Criminal groups deposited millions of euros cash into accounts at ICBC Spain using split payments, in-house accounts and false identity documents to evade detection.
Enforcement
ASIC Penalises Credit Suisse for Breaching Trading Rules
By Editors | 05/07/2020
Credit Suisse did not match client orders for on-market buy-backs on an order book as is required by ASIC’s market integrity rules.
AML / KYC
Global Banks Seek Clarity on ‘Hong Kong Autonomy Act’
By Editors | 05/07/2020
Under the legislation, banks can be penalised for conducting a ‘significant transaction’ with Chinese individuals or entities named as having contributed to the erosion of Hong Kong’s autonomy.
Enforcement
S. Korean Regulators to Probe All Private Fund Operators
By Manesh Samtani | 04/07/2020
A new inter-agency team, led by the FSS, will be established by mid-July, and refer any illegalities detected to authorities for ‘swift action’ including prosection.
AML / KYC
Singapore Authorities Probe Two Companies with Wirecard Links
By Editors | 04/07/2020
Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.
Enforcement
CBIRC Strengthens Administrative Procedures for Penalising Illegal Acts
By Editors | 04/07/2020
The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.
AML / KYC
BCBS Updates AML Guidance to Advance Supervisory Cooperation
By Editors | 02/07/2020
Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.
Enforcement
SocGen Australia Pleads Guilty to Client Money Offences
By Editors | 02/07/2020
SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.
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