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Enforcement
CBIRC Penalises State-owned Financial Institutions and Subsidiaries
By Editors | 11/01/2021
ICBC, China Development Bank, Great Wall, and Postal Savings Bank and a number of their subsidiaries were penalised almost 200mn yuan for various regulatory violations.
Enforcement
Taiwan Raises Whistleblower Rewards for Serious Crime Tenfold
By Editors | 07/01/2021
Whistleblower rewards are increased tenfold for the reporting of serious illegal financial activities and fivefold for minor illegal financial activities.
Enforcement
PBOC Penalises Tenpay, Three Others for Violations – Report
By Editors | 07/01/2021
Tencent’s payment platform Tenpay was fined for providing payment services for illegal and false transactions, and processing QR code payments without a licence.
Enforcement
Chinese Court Orders Ratings Firm to Compensate Bond Creditors
By Editors | 07/01/2021
The court held Dagong Global Credit Rating, its controller, underwriter, accounting firm, and law firm jointly responsible for defaults by a construction company three years ago.
Enforcement
PBOC Confiscates $3m in Illegal Gains from Credit Bureau
By Editors | 06/01/2021
The credit bureau engaged in personal credit business without approval and failed to report senior management changes in a timely manner.
AML / KYC
China: Ex-Huarong Chairman Sentenced to Death for Corruption
By Editors | 06/01/2021
Convicted on bribery, embezzlement and bigamy charges, Lai Xiaomin will also be deprived of all political rights for life and have all of his personal property confiscated.
Enforcement
SFC Bans CCB Asia Branch Manager for Life
By Editors | 05/01/2021
The former manager used a cashier’s order application form pre-signed by a customer to misappropriate HK$3.6mn in April 2019.
Enforcement
SEBI Fines Reliance Industries, Mukesh Ambani for Manipulative Trading
By Editors | 05/01/2021
Reliance Industries entered into an arrangement with 12 agents to corner Reliance Petroleum futures and earn undue profits, SEBI said.
Enforcement
Korea FSS Identifies More Fraud, Bribery at Private Equity Firms
By Editors | 04/01/2021
The FSS said it will impose sanctions on companies identified as being engaged in such practices, including to refer cases for criminal prosecution as needed.
AML / KYC
Japan Regulators Order Crypto Exchange to Improve AML Systems
By Editors | 02/01/2021
Avacus Co Ltd must build an AML/CTF risk management system that ensures transactions are confirmed and recorded at the time of transaction.
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