Enforcement

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.

Enforcement

ASIC, Volkswagen Financial Services Settle Responsible Lending Case

By Sanday Chongo Kabange | 19/10/2020

Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.

Enforcement

FSS Korea to Launch Probe Into Samsung Securities

By Editors | 18/10/2020

Samsung Securities allegedly intervened to secure support from shareholders of a Samsung entity for a 2015 merger while also acting as adviser to the other party in the transaction.