ENFORCEMENT

Enforcement

ASIC Expects Higher Industry Levies for 2019-20

By Editors | 15/06/2020

The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.

Enforcement

India Proposes to Decriminalise Bounced Cheques

By Editors | 15/06/2020

Currently in India, bounced cheques can carry a jail sentence of up to two years and a fine up to twice the value of the cheque, or both.

AML / KYC

AUSTRAC Ups Ante in Westpac Money Laundering Case

By Editors | 14/06/2020

AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.

Enforcement

Malaysia: Former Trust Consultant Jailed for Securities Fraud

By Editors | 13/06/2020

The former consultant promised investors guaranteed returns but used the monies they paid for share trading in her personal account.

Enforcement

Shanghai Police Detain Anxin Trust Controller Over Illegal Loans

By Editors | 12/06/2020

Police have detained Anxin Trust’s biggest shareholder for lending assets under management in trust products to friends and other associates.

Enforcement

CBIRC Moves to Stamp Out Abuse of Cheap Loans

By Editors | 11/06/2020

Banks have reportedly been directed to reduce their structured deposits to January levels, as part of CBIRC efforts to stamp out abuse of cheap loans.

Enforcement

Korea: Banks, Brokers Agree Plan to Recover Lime Asset Losses

By Editors | 11/06/2020

Twenty firms, including banks and brokers, will set up a new entity to manage the estimated 1.7tr won in assets frozen by Lime Asset Management since October.

Capital / Liquidity

SFC Fines Potomac Capital for Breaching Financial Resources Rules

By Editors | 08/06/2020

Potomac misinterpreted the financial resources rules and incorrectly including aged fees receivables as liquid assets, leading to an overstatement of liquid capital.

Enforcement

Luckin Coffee Chairman Likely to Face Criminal Charges – Report

By Editors | 08/06/2020

The CSRC and Ministry of Finance have reportedly found new email evidence indicating that chairman Lu Zhengyao instructed his colleagues to commit fraud.