Enforcement

Enforcement

Singapore Lawyer Faces Life in Prison for Cheating, Breach of Trust

By Editors | 22/10/2020

The JLC Advisors managing partner absconded with S$33.8mn in client money last year but was arrested in Malaysia. 19 new charges relate to his misappropriation of S$17.5 from another client.

Enforcement

Australian Federal Court Fines OTC Derivative Issuers A$75m

By Editors | 22/10/2020

The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC’s costs and to refund approximately 10,000 former clients, on top of the penalties.

Enforcement

FSC Korea Kicks Offs New Task Force to Address Illegal Trading

By Editors | 22/10/2020

Korean regulators will work to enhance cross-agency information sharing, introduce a new market abuse monitoring system, and raise penalties for unfair trading activities.

Enforcement

Woori to Dismiss 19 Employees Following Unfair Recruitment Probe

By Sanday Chongo Kabange | 21/10/2020

The Supreme Court ruled that 27 of Woori’s employees were involved in unfair hiring practices, 19 of which still work for the bank.

Enforcement

Korean Regulators to Revoke Lime Asset Management Licence

By Editors | 20/10/2020

Subject to FSC approval, the FSS will revoke Lime’s business registration and order the company to dismiss its CEO, who was arrested in July.

AML / KYC

Hong Kong Banks Asked to File STRs for Suspected NSL Breaches

By Manesh Samtani | 20/10/2020

According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.

Enforcement

CBIRC Issues Raft of Penalties Over Illegal Loans at Banks

By Editors | 20/10/2020

China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.

AML / KYC

AUSTRAC Launches AML Investigation into Crown Resorts

By Editors | 20/10/2020

The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.

AML / KYC

OFAC Settles Iran Sanctions Case with Berkshire Hathaway

By Editors | 20/10/2020

A Berkshire subsidiary knowingly exported cutting tools and related inserts to Turkish distributors to then be shipped to a distributor in Iran for resale to Iranian end-users.