Enforcement

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.

AML / KYC

Goldman US Penalty Over 1MDB to be Announced ‘Within Days’

By Editors | 20/10/2020

Goldman Sachs Group has reportedly reached a more than $2bn settlement with the US DOJ over its role in Malaysia’s 1MDB scandal.

Enforcement

SFC Imposes 24-month Market Ban for Takeovers Code Breach

By Sanday Chongo Kabange | 20/10/2020

The mandatory general offer obligation under the Takeovers Code was triggered 20 times by AV Concept Holdings chairman and his concert parties.

Enforcement

Australian Court Orders Penalty Against NAB Over Introducer Programme

By Editors | 19/10/2020

The penalty was discounted due to NAB’s cooperation with ASIC and its admissions that it contravened the law by using unlicenced home loan referrers.