Enforcement

Enforcement

MAS Bans Two Individuals for Fraud and Dishonest Conduct

By Editors | 19/08/2020

Prohibition orders were issued against former representatives of Prudential Assurance Company Singapore and Bank of Singapore in two unrelated cases.

AML / KYC

PEPs in the Limelight: Three Components to Mitigate Risk

By Editors | 19/08/2020

To understand the money laundering risks they face, financial firms need a robust and scalable approach to PEP identification and due diligence, says Refinitiv’s Michael Meadon.

Enforcement

China’s P2P Crackdown Leaves Just 29 Operators in Business

By Manesh Samtani | 17/08/2020

Savers who invested in the thousands of now-defunct P2P platforms over the last several years have not yet managed to recover their funds.

Enforcement

SEC Opens Fraud Investigation Into Chinese Streaming Service iQiyi

By Sanday Chongo Kabange | 17/08/2020

The investigation into follows an April report from Wolfpack Research alleging Nasdaq-listed iQiyi inflated its revenue, user numbers and expenses.

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.