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Enforcement
CSRC Opens Investigation into Fraud at Coffee Chain
By Editors | 06/04/2020
The chief operating officer of Nasdaq-listed Luckin Coffee, along with his employees, are said to have fabricated about $310mn worth of sales transactions.
AML / KYC
Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo
By Editors | 02/04/2020
Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.
AML / KYC
Hong Kong: SME Director Pleads Guilty to Defrauding 5 Banks
By Editors | 02/04/2020
DBS, HSBC, ICBC, Dah Sing Bank and Wing Hang Bank were defrauded of about HK$47.5mn in loans and banking facilities.
Enforcement
SFC Bans Former China Rise CEO for Naked Short Selling
By Editors | 01/04/2020
The ex-CEO was banned for 28 months for placing – and concealing – uncovered short selling orders through his personal account and a client’s discretionary account in 2014.
Enforcement
Woori Financial Chief Gets Reappointment Despite FSS Sanctions
By Editors | 27/03/2020
A Seoul court has granted an injunction against FSS sanctions that would have prevented chairman Sohn Tae-seung from seeking another term at Woori Financial Group.
Enforcement
Singapore: Four Individuals Charged for Illegal Trading
By Editors | 26/03/2020
An investor used share financing facilities from two banks and third-party trading accounts procured by three brokers to manipulate the price of Sky One Holdings shares.
AML / KYC
Myanmar Central Bank Revokes Licence of Local Bank
By Editors | 26/03/2020
An investigation that started in 2017 found irregularities with the funding Asia Yangon Bank planned to use to meet its paid-up capital requirements.
Enforcement
ICAC Charges Ex-HKEX Official for Bribery, Misconduct
By Editors | 25/03/2020
A former joint-head of HKEX’s IPO Vetting Team has been charged over HK$9.15mn in bribes and misconduct in public office between June 2017 and April 2019.
Enforcement
SFC Imposes Lifetime Ban on Former China Pacific Securities Broker
By Editors | 24/03/2020
The former broker was convicted and jailed in December 2018 for stealing over HK$110mn in shares from China Pacific’s clients over a seven-year period.
AML / KYC
MAS Penalises Trust Company for AML/CFT Failings
By Editors | 20/03/2020
TMF Trustees Singapore was penalised SG$400,000 for failing to verify the source of wealth and monitor transactions on an ongoing basis.
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