Enforcement

Big Picture

APAC Overtook US in AML Penalties For 2020: Fenergo

By Editors | 10/12/2020

APAC has overtaken the US in terms of the value of enforcement actions for the first time since 2015, largely due to the Goldman and Westpac cases.

Enforcement

Singapore Authorities Issue More Charges in Wirecard Probe

By Editors | 09/12/2020

The director of local accounting firm Citadelle Corporate Services was hit with three additional charges for falsifying letters confirming Wirecard cash balances.

AML / KYC

US Sanctions Another 14 Chinese Officials Over Hong Kong

By Editors | 08/12/2020

A Chinese foreign ministry spokesperson said Beijing would take “firm counter-measures against the malicious actions by the US”.

AML / KYC

The Best Weapon to Shut Down the Illegal Wildlife Trade

By Steve Galster | 07/12/2020

Freeland’s Steve Galster discusses new initiatives to stop illegal wildlife traffickers by hitting them where it hurts the most – in their bank accounts – and how financial institutions can help.

AML / KYC

US Designates Four More Companies as Linked to Chinese Military

By Manesh Samtani | 06/12/2020

US investors will be prohibited from buying securities issued by the four companies, which include CNOOC and SMIC, from 1 February 2021.

Enforcement

CBIRC Penalises Bank of China Over April Crude Oil Losses

By Editors | 06/12/2020

Bank of China was fined over 50mn yuan and ordered to correct deficiencies, strengthen compliance awareness and improve risk management.

AML / KYC

China Imposes Reciprocal Sanctions Against Four US-Linked Individuals

By Editors | 06/12/2020

Four individuals at US-linked nonprofits are barred from entering China, including Hong Kong and Macau, for having “performed badly” over Hong Kong affairs.

Enforcement

Seoul Court Jails Daishin Securities Executive Over Fund Losses

By Editors | 06/12/2020

The FSC has also revoked the registration of Lime Asset Management, imposed a 950mn won fine against the firm and ordered the suspension of its staff and executive personnel.

AML / KYC

Australia Throws Out Bill to Criminalise Cash Payments Over A$10,000

By Editors | 06/12/2020

The bill would have imposed a fine of up to A$25,500 and two years’ jail for cash payments exceeding A$10,000. The bill is now “officially dead”, according to one senator.