Enforcement

AML / KYC

PBOC Directs Banks & Alipay to Stamp Out Crypto Activity

By Manesh Samtani | 22/06/2021

Financial institutions are asked to identify the capital accounts of crypto exchanges and OTC dealers, and cut off their payment channels.

AML / KYC

Former CBIRC Official Expelled from CCP for Corruption

By Sanday Chongo Kabange | 17/06/2021

Liu Wenyi’s case is said to be linked to the failure of Bank of Jinzhou as well as a corruption investigation involving a former head of Bank of Huludao.

AML / KYC

NAB Contract Workers Received Little AML Training: Report

By Ranamita Chakraborty | 17/06/2021

The revelation comes follows AUSTRAC’s launch of a formal enforcement investigation into NAB earlier this month.

Enforcement

ASIC Sues Austal Over Breach of Continuous Disclosure Obligations

By Ranamita Chakraborty | 16/06/2021

Major shipbuilder Austal breached its continuous disclosure obligations in 2016 by failing to disclose a material change in its prior earnings guidance, ASIC says.

AML / KYC

PNG’s BSP Financial Group Faces Possible AML Penalties

By Editors | 16/06/2021

Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.

Enforcement

CBIRC Reprimands Fintech Firm for Consumer Rights Violations

By Sanday Chongo Kabange | 16/06/2021

The CBIRC said Mashang Consumer Finance violated product pricing rules, consumer rights, and fair trade regulations.

Enforcement

Hin Leong Files Suit Against Deloitte Over Auditing Failures

By Ranamita Chakraborty | 16/06/2021

The lawsuit claims Deloitte would have detected material misstatements and not issued unqualified opinions if its audits were carried out properly.

Enforcement

Hong Kong: Ex-Dah Sing Bank Manager Jailed for Fraud

By Sanday Chongo Kabange | 16/06/2021

The former financial planning manager told a client he was required to buy an insurance policy before he could open a corporate bank account.

Securities / Derivatives

US Federal Court Sanctions Australian Trader for Spoofing

By Sanday Chongo Kabange | 15/06/2021

The Propex Derivatives trader is required to repay $21,000 in disgorgement and cease and desist from violating anti-spoofing and manipulation rules.