ENFORCEMENT

AML / KYC

Singapore Court Charges Two for North Korea Linked Bank Fraud

By Editors | 21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

Enforcement

CFTC Settles Deutsche Bank Spoofing, Swaps Reporting Cases

By Editors | 19/06/2020

Deutsche Bank will pay $9mn for violating swap data reporting requirements during a system outage, and $1.25mn for spoofing carried out by two Tokyo-based traders.

Enforcement

SFC Publicly Criticises CICC Units for Breaching Takeovers Code

By Editors | 19/06/2020

CICC and CICC Financial Trading – as associates of the CICC securities unit advising on certain offers – dealt in the relevant securities without making timely disclosures.

AML / KYC

US Passes Bill Threatening Sanctions Over Uyghur Human Rights

By Editors | 19/06/2020

The bill allows the US President to impose sanctions against Chinese officials identified as responsible for human rights abuses against Muslim minority groups in Xinjiang.

AML / KYC

UK FCA Fines Commerzbank $47m for 5 Years of AML Failures

By Editors | 19/06/2020

Commerzbank’s London Branch failed to conduct periodic due diligence on clients, address transaction monitoring weaknesses, and to have adequate CDD policies and procedures in place.

Enforcement

High-level Panel Proposes Overhaul of SEBI Enforcement Mechanism

By Editors | 18/06/2020

The panel says intermediary regulations need to be amended to speed up enforcement action, and that SEBI should be granted the authority to seize assets subject to investigation.

Enforcement

China: Former Insurance Regulator Jailed on Corruption Charges

By Editors | 18/06/2020

Xiang was fired from his post as the CIRC’s chairman in April 2017, and placed under investigation for accepting CNY 18.6 million in bribes between 2005 and 2017.

Enforcement

ASIC Guidance Sets Out Scope of Product Intervention Powers

By Editors | 18/06/2020

The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.

Enforcement

Former CSRC Official Jailed for 12 Years for Bribery, Insider Trading

By Editors | 16/06/2020

The case against the CSRC’s former Hunan bureau head was said to be linked to a probe into CSRC former vice chairman Yao Gang, who was jailed for 18 years in 2018.