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Enforcement
Taiwan FSC Initiates Probe into Taipei Fubon Bank President
By Editors | 12/08/2020
Taipei Fubon Commercial Bank’s president is alleged to have asked subordinates to approve a $30mn loan to a loss-making China-based health supplement company for his own benefit.
AML / KYC
Australia Police Arrest Three on Money Laundering Charges
By Editors | 12/08/2020
Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.
Enforcement
SFC Bans Account Exec for 18 Months Over Discretionary Trading
By Editors | 12/08/2020
The former China Tonghai Securities account executive effected over 6,000 trades in a client’s account on a discretionary basis for almost 7 years without authorisation.
Enforcement
ICAC Charges Former Dah Sing Bank Manager with Fraud
By Editors | 12/08/2020
The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.
Enforcement
SEBI to Only Accept Complaints through Online Platform
By Editors | 12/08/2020
SEBI’s web-based centralised grievance redressal system known as SCORES has been in operation for 9 years. A new mobile app was launched in March.
AML / KYC
New Zealand FIU Boasts ‘Excellent Outcomes’ in June
By Editors | 12/08/2020
June saw the restraint of NZ$140mn from alleged money launderer Alexander Vinnik and the seizure of over 30 high-end cars from outlaw motorcycle gangs.
AML / KYC
China Imposes Reciprocal Sanctions Against US Officials
By Editors | 10/08/2020
“China has decided to impose sanctions on those individuals who behaved badly on Hong Kong-related issues,” said a spokesperson, without specifying what the sanctions would entail.
Enforcement
CBIRC Fines Industrial Bank for Illegal Use of Interbank Funds
By Editors | 10/08/2020
Industrial Bank’s Shanghai branch used the funds for equity investments, government financing, and to pay land transfer fees.
Enforcement
Singapore’s Central Depository Fined for Data Privacy Breaches
By Editors | 10/08/2020
211 dividend cheques were sent to outdated mailing addresses, containing client names, NRIC numbers, CDP account numbers, and details of the securities held.
Enforcement
CBIRC Fines Two Major Banks for Data Privacy Breaches
By Editors | 09/08/2020
China Merchants Bank and Bank of Communications were fined for failing to protect the personal data of credit card customers.
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