Enforcement

Capital / Liquidity

MAS Seeks Removal of REIT Manager for SFA Breaches

By Editors | 27/10/2020

Eagle Hospitality REIT Management breached the minimum base capital and financial resources requirements under the SFA three times in the span of about a year.

Enforcement

Singapore: Ex-Fund Manager Charged for Acts Likely to Defraud Investors

By Editors | 27/10/2020

The former fund manager allegedly sold bonds at lower-than-market prices from one fund he managed to another fund, knowing there were higher offers for the same bonds.

Enforcement

Singapore Police Charge Ex-Remisier with Criminal Breach of Trust

By Sanday Chongo Kabange | 26/10/2020

Over six years, an 86-year-old client entrusted money to the remisier for the purposes of buying shares but no shares were ever purchased.

Enforcement

Hong Kong ICAC Charges Two Former AIA Agents With Fraud

By Sanday Chongo Kabange | 25/10/2020

A former district manager and former insurance agent each face one count of fraud in separate cases for submitting false income proof statements.

AML / KYC

MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’

By Editors | 23/10/2020

The former banker received about $5mn in fund management fees in an entity he beneficially owned, at the expense of and without the knowledge of BSI Bank.

Enforcement

ICAC Charges Two With Conspiracy To Defraud Lender

By Sanday Chongo Kabange | 22/10/2020

The two falsely represented that 14 loan applications were referred to induce the licensed lender to pay about HKD 600,000 in referral fees.

Enforcement

Sydney Court Orders SocGen Securities to Pay A$30,000 Penalty

By Sanday Chongo Kabange | 22/10/2020

SocGen pleaded guilty in July for failing to pay client money into segregated authorised bank accounts and for making payments out of a client money account that were not permitted.

Enforcement

PBOC Fines Six Bank Branches for Customer Data Rights Breaches

By Editors | 22/10/2020

The $6mn in penalties against state-owned banks follows last week’s unveiling of what will be China’s first unified piece of national legislation on the protection of personal data.

AML / KYC

Goldman Resolves Remaining 1MDB Charges for $2.9bn

By Manesh Samtani | 22/10/2020

Under the coordinated resolution, Goldman will pay $606mn in disgorgement and more than $2.3bn in penalties to authorities in the US, UK, Hong Kong and Singapore.