Enforcement

Enforcement

HKMA Suspends Banker Over Photocopied Client Signature

By Editors | 28/01/2021

The banker photocopied a client’s signature onto an instruction form and used it to apply for the issuance of a bank reference letter.

Enforcement

China’s Corruption Watchdog Punishes Former Bank Regulators

By Editors | 27/01/2021

Three former banking regulators were expelled from the CCP and referred for criminal prosecution for accepting bribes and contributing to Baoshang Bank’s failure, among other violations.

AML / KYC

Australian Police Arrest Dutch National on Money Mule Charges

By Editors | 27/01/2021

The 22-year-old was used to receive funds stolen from Australian bank accounts by a cybercrime syndicate before he transferred it overseas with Bitcoin.

Enforcement

Five HK Bankers Charged for Misusing Customer Data to Sell Loans

By Editors | 27/01/2021

Former DBS staffers accepted illegal commissions to obtain confidential customer data for use by sales staff in promoting personal loan business.

Enforcement

Korea FSS to Order Banks to Compensate Lime Fund Investors

By Editors | 25/01/2021

Woori Bank, Busan Bank and Industrial Bank of Korea have reportedly agreed to pay restitution to investors based on estimated damages.

Crypto / Digital Assets

Tokyo Police Arrest 31 Individuals Over 2018 Coincheck Heist

By Editors | 25/01/2021

The suspects were found to have traded stolen cryptocurrency on an underground exchange that emerged on the dark web following the Coincheck heist.

AML / KYC

Anti-Money Laundering a Priority for Incoming Treasury Secretary Yellen

By Manesh Samtani | 24/01/2021

Incoming Treasury Secretary Janet Yellen thanked Congress for passing the AMLA, widely considered to be the most significant overhaul of AML legislation in the US since 2001.

Enforcement

CSRC Revises Rules for Banning Access to Securities Market

By Editors | 24/01/2021

The draft rules will allow regulators to restrict an individual or entity from trading in all securities and securities investment funds nationwide for up to 5 years.

AML / KYC

Hong Kong ICAC Charges Another in DBS L/C Fraud Case

By Editors | 23/01/2021

The construction company director conspired with other individuals to defraud DBS into issuing $75.3mn in L/Cs that had no genuine underlying transactions.