ENFORCEMENT

Enforcement

ASIC Quadrupled Criminal Charges Laid in H2 2019

By Editors | 30/04/2020

In the six months to December 2019, ASIC did not have any new enforceable undertakings, reflecting its post-Royal Commission ‘why not litigate’ approach to enforcement.

AML / KYC

PBOC Penalties for AML Violations Spike in Q1 2020

By Editors | 29/04/2020

The increase in penalties is in part the result of a new calculation method in use at the PBOC, where penalties can now accumulate when multiple breaches occur at once.

Enforcement

Korea: FSS Confirms ‘Bad Bank’ Plan to Recover Lime Asset Losses

By Editors | 29/04/2020

FSS governor Yoon Suk-heun also pledged to establish a sustainable monitoring system, in light of events at Lime Asset Management and last year’s derivative product mis-selling at banks.

Enforcement

CSRC Vows Cross-border Cooperation in Luckin Fraud Case

By Editors | 28/04/2020

The CSRC has been communicating with US regulators, looking to deepen cross-border cooperation to combat misconduct and fraud and to protect investors.

Enforcement

China: Luckin Investors Launch Lawsuit Under New Securities Law

By Editors | 26/04/2020

A lack of cross-border regulation presents a challenge to holding Luckin Coffee entities and executives to account for alleged misconduct and fraud.

Enforcement

FSC Taiwan Fines Investment Trust for Intranet Loopholes

By Editors | 24/04/2020

A Capital Investment Trust fund manager reportedly bought shares in dozens of companies that he knew would be purchased in the funds he helped manage.

Enforcement

FMA to Grant ‘No-Action’ Relief for Regulatory Breaches

By Editors | 24/04/2020

The ‘no action’ relief can be provided case-by-case to market participants who breach, or expect to breach, a regulatory obligation as a result of Covid-19 circumstances.

Enforcement

Hong Kong Exchange Censures Ding Yi Feng Executives

By Editors | 23/04/2020

Three former non-executive directors of China Ding Yi Feng were censured for breaching the listing rules and disclosure obligations.

AML / KYC

US Agencies Issue Alert on North Korea Cyber Threat

By Manesh Samtani | 22/04/2020

The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.