Enforcement

Enforcement

Singapore Police Lay First Charge Against Hin Leong Founder

By Editors | 16/08/2020

While investigations into other offences are ongoing, the charge of abetment of forgery for the purpose of cheating carries a punishment of up to ten years’ imprisonment and a fine.

Enforcement

CSRC Optimises Rules on Administrative Reconciliation

By Lucy Zhang | 13/08/2020

The revisions will help to ensure investors are compensated for losses in a timely manner and market order is restored as soon as possible, the CSRC says.

Enforcement

China: Ex-Huarong Chairman Pleads Guilty to Taking Bribes

By Editors | 13/08/2020

Lai Xiaomin took almost 1.8bn yuan in bribes over ten years and colluded with others to embezzle over 25mn yuan in public funds. His sentence will be announced at a later date.

Enforcement

Taiwan FSC Initiates Probe into Taipei Fubon Bank President

By Editors | 12/08/2020

Taipei Fubon Commercial Bank’s president is alleged to have asked subordinates to approve a $30mn loan to a loss-making China-based health supplement company for his own benefit.

AML / KYC

Australia Police Arrest Three on Money Laundering Charges

By Editors | 12/08/2020

Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.

Enforcement

SFC Bans Account Exec for 18 Months Over Discretionary Trading

By Editors | 12/08/2020

The former China Tonghai Securities account executive effected over 6,000 trades in a client’s account on a discretionary basis for almost 7 years without authorisation.

Enforcement

ICAC Charges Former Dah Sing Bank Manager with Fraud

By Editors | 12/08/2020

The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.

Enforcement

SEBI to Only Accept Complaints through Online Platform

By Editors | 12/08/2020

SEBI’s web-based centralised grievance redressal system known as SCORES has been in operation for 9 years. A new mobile app was launched in March.

AML / KYC

New Zealand FIU Boasts ‘Excellent Outcomes’ in June

By Editors | 12/08/2020

June saw the restraint of NZ$140mn from alleged money launderer Alexander Vinnik and the seizure of over 30 high-end cars from outlaw motorcycle gangs.