Enforcement

Enforcement

SFC Fines BEA for 13 Year Failure to Segregate Client Securities

By Editors | 17/09/2020

There was no evidence of client loss as a result of BEA’s regulatory breaches, and the bank has undergone remedial actions to enhance its internal systems and controls.

AML / KYC

Chinese Police Target Offshore Gambling via E-Commerce Platforms

By Editors | 17/09/2020

Chinese police say at least $2bn has been laundered to offshore gambling sites through fake e-commerce purchases and other methods.

Enforcement

Singapore Convicts Three Individuals for Unauthorised Trading

By Editors | 16/09/2020

The former trading representatives acted on the instructions of a fourth individual to use accounts belonging to family, friends and clients to buy and sell Skyone shares.

AML / KYC

AUSTRAC Fines State Street Over IFTI Reporting Breaches

By Editors | 16/09/2020

State Street Bank and Trust failed to report IFTIs on 99 occasions. There is no suggestion that the transactions were suspicious or that there were CDD deficiencies.

Enforcement

SFC Bans Sponsor Principal for 20 Months Over 2017 IPO Application

By Manesh Samtani | 16/09/2020

Former Yi Shun Da Capital CEO breached the code of conduct and sponsor guidelines in his work on the listing application of Imperial Sierra Group in 2017.

Enforcement

US Regulators to Reprimand Citigroup Over Risk Management

By Editors | 16/09/2020

The Federal Reserve and OCC are expected to require Citigroup to develop and execute a plan to improve its risk management systems.

AML / KYC

DOJ Charges Three for North Korea Sanctions Breaches

By Sanday Chongo Kabange | 15/09/2020

Two North Koreans and one Malaysian allegedly used front companies to deceive US banks into processing transactions for North Korean customers.

AML / KYC

FATF Details Virtual Asset Red Flags for Detecting Criminal Activity

By Editors | 15/09/2020

This report will help VASPs, FIs, DNFBPs, and other reporting entities detect and report suspicious transactions, and national authorities detect criminal activity.

Enforcement

Korea to Strengthen Penalties for Naked Short Selling

By Manesh Samtani | 15/09/2020

Under a new bill, unauthorised short selling can be punished criminally, in addition to a penalty up to 300% of profits obtained or losses avoided through the short selling.