Enforcement

AML / KYC

OFAC Sanctions Adult Children of Myanmar Military Leader

By Editors | 11/03/2021

The two adult children of the commander-in-chief of Myanmar’s military, Min Aung Hlaing, and six of their companies, have been designated by OFAC.

Enforcement

US Fed Threatens Supervisory Action for Slow LIBOR Work

By Manesh Samtani | 11/03/2021

Guidance for examiners suggests supervisory actions for firms that are not ready to stop issuing LIBOR-based contracts by end-December.

AML / KYC

Singapore Police Arrest Man Over China Official Impersonation Scam

By Editors | 11/03/2021

The man received over S$209,000 from a woman who was told she was under investigation and needed to resolve the case.

Enforcement

ACCC Accepts Visa Commitment to Address Competition Concerns

By Editors | 11/03/2021

Visa is legally bound to ensuring that merchants will not pay higher processing costs if they process debit card payments through eftpos rather than the Visa network.

Enforcement

ICAC Charges Former AIA Employees for Fraud

By Editors | 11/03/2021

A former district manager and former insurance agent jointly face three counts of fraud for allegedly deceiving AIA into paying them commissions for three insurance policies.

Enforcement

Korean Bankers Grow Fearful of ‘Unilateral’ Regulatory Penalties

By Sanday Chongo Kabange | 11/03/2021

Korea Federation of Banks chairman says the punishments imposed against executives whose banks sold Lime funds are seen by many as a way to shift blame.

AML / KYC

FSC Korea Proposes New Penalty Standards for VASPs

By Editors | 11/03/2021

FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.

Enforcement

APRA Accepts Court Enforceable Undertaking from Allianz

By Editors | 11/03/2021

Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.

Enforcement

FSS Chief Faces Resignation Calls over Personnel Management

By Ranamita Chakraborty | 09/03/2021

Yoon Suk-heun, whose three-year term ends in two months, allegedly promoted certain officials who had been punished for hiring irregularities.