Enforcement

Enforcement

New Listing Rules at Nasdaq to Impede Chinese IPOs – Reports

By Editors | 19/05/2020

Nasdaq will put a minimum $25mn value on the size of IPOs, making it harder for some Chinese firms to pursue a listing. A delisting notice has been filed against Luckin Coffee.

AML / KYC

SFC Reprimands, Fines Southwest Securities for AML/CFT Failures

By Editors | 18/05/2020

The brokerage failed to implement adequate and effective policies and procedures to mitigate AML/CFT risks associated with third party deposits.

AML / KYC

HK Police Arrest Three in HK$54m Money Laundering Case – Report

By Editors | 17/05/2020

Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.

Enforcement

CSRC Bans Six Executives for Kangmei Pharma Accounting Fraud

By Editors | 17/05/2020

The company and 21 of its employees have also been fined for using false documents and transaction records to inflate cash positions.

AML / KYC

Westpac Files Defence in Federal Court on its AML/CTF Failures

By Editors | 16/05/2020

While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.

Enforcement

SFC Declines to Take Action Against HSBC for No-dividend Decision

By Editors | 15/05/2020

Some investors in HSBC alleged the bank failed to safeguard their interests. Others questioned whether the bank’s discussions with the Bank of England were disclosed in a timely manner.

Enforcement

ASIC Secures Remediation for Junk Insurance Sales by Banks

By Editors | 14/05/2020

ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.

Enforcement

CBIRC Fines Eight Banks Over Poor Quality of Reported Data

By Editors | 13/05/2020

The banks were each fined between 1.6mn and 2.7mn yuan for underreporting information on certain transactions, wealth management products, and credit asset transfers.

AML / KYC

1MDB Tainted Swiss Bank to Exit Private Banking Business

By Editors | 13/05/2020

Falcon Private Bank was forced to shut down its Singapore operations in 2016. Nearly four years later, it has decided to exit private banking in Switzerland.