Enforcement

Enforcement

Singapore Police Open Probe into Renowned Oil Trader

By Editors | 21/04/2020

Hin Leong Trading’s founder admitted to concealing $800mn in losses from oil futures. The firm now unpaid debts of $3.85bn. Up to 23 banks are affected.

AML / KYC

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

By Editors | 21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.

Crypto / Digital Assets

Malaysian Police Arrest 14 Chinese Nationals in Crypto Scam

By Editors | 20/04/2020

The group was found to be impersonating successful investors and using WeChat and QQ group chats to lure mainland victims into investing.

AML / KYC

SFC Fines BOCOM International Securities for “Serious” Breaches

By Editors | 20/04/2020

The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.

AML / KYC

Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud

By Editors | 20/04/2020

The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

Capital / Liquidity

RBNZ Working with ANZ NZ to Improve Model Compliance

By Editors | 18/04/2020

The latest section 95 report identifies that 17 wholesale credit models and the operational risk capital model approach currently in use at ANZ NZ are not approved by the RBNZ.

Enforcement

FSC Taiwan Probes Trading Controls at Hua Nan Securities

By Editors | 15/04/2020

Hua Nan Securities reportedly lost $158mn on derivative warrants in March as a result of poor internal controls.

AML / KYC

Westpac Expects to Pay A$900m Over AML Breaches

By Editors | 14/04/2020

While the bank expects to make a provision of A$900mn over AUSTRAC’s claim, it says the actual penalty may be materially higher or lower than this amount.

Enforcement

ASIC Shifts Focus to Ensure Market Integrity, Protect Consumers

By Editors | 14/04/2020

Covid-19 has raised the risk of significant consumer harm and serious breaches of financial services laws, says ASIC chair James Shipton.