Enforcement

AML / KYC

New York Regulator Fines Deutsche Bank for AML Failures

By Editors | 08/07/2020

Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.

Enforcement

Indonesia’s Planned Bank Regulation Reshuffle Will Take Time

By Duruthu E Chandrasekera | 08/07/2020

President Joko Widodo’s plan to return bank oversight functions to Bank Indonesia is unlikely to be an immediate fix for the ongoing Covid-19 related challenges.

Enforcement

Ex-ICBC Shanghai Boss Pleads Guilty to Bribery

By Editors | 08/07/2020

Prosecutors said Gu Guoming took advantage of his position to help others obtain loans and project contracts, and illegally received bribes worth over 136 million yuan.

AML / KYC

UK Imposes First Sanctions Over Human Rights Abuses

By Editors | 07/07/2020

The UK has designated 25 Russians, 20 Saudi Arabians, two Myanmar generals, and two North Korean organisations. Their UK assets will be frozen.

Enforcement

FSS Korea Considers Legal Action Against HK Hedge Fund

By Editors | 07/07/2020

Large losses on leveraged positions at Hong Kong-based Gen2 Partners earlier this year prompted a liquidity squeeze and a freeze on early redemptions.

AML / KYC

CBIRC Discloses List of ‘Illegal Shareholders’ of Banks, Insurers

By Editors | 06/07/2020

20 of the 38 companies on the list are linked to either Baoshang Bank or Anbang Insurance, which both needed a state bailout in recent years.

AML / KYC

Spanish Court Penalises Four ICBC Employees for AML Violations

By Editors | 06/07/2020

Criminal groups deposited millions of euros cash into accounts at ICBC Spain using split payments, in-house accounts and false identity documents to evade detection.

Enforcement

ASIC Penalises Credit Suisse for Breaching Trading Rules

By Editors | 05/07/2020

Credit Suisse did not match client orders for on-market buy-backs on an order book as is required by ASIC’s market integrity rules.

AML / KYC

Global Banks Seek Clarity on ‘Hong Kong Autonomy Act’

By Editors | 05/07/2020

Under the legislation, banks can be penalised for conducting a ‘significant transaction’ with Chinese individuals or entities named as having contributed to the erosion of Hong Kong’s autonomy.