Enforcement

Enforcement

CBIRC Moves to Stamp Out Abuse of Cheap Loans

By Editors | 11/06/2020

Banks have reportedly been directed to reduce their structured deposits to January levels, as part of CBIRC efforts to stamp out abuse of cheap loans.

Enforcement

Korea: Banks, Brokers Agree Plan to Recover Lime Asset Losses

By Editors | 11/06/2020

Twenty firms, including banks and brokers, will set up a new entity to manage the estimated 1.7tr won in assets frozen by Lime Asset Management since October.

Capital / Liquidity

SFC Fines Potomac Capital for Breaching Financial Resources Rules

By Editors | 08/06/2020

Potomac misinterpreted the financial resources rules and incorrectly including aged fees receivables as liquid assets, leading to an overstatement of liquid capital.

Enforcement

Luckin Coffee Chairman Likely to Face Criminal Charges – Report

By Editors | 08/06/2020

The CSRC and Ministry of Finance have reportedly found new email evidence indicating that chairman Lu Zhengyao instructed his colleagues to commit fraud.

Enforcement

CBA Ordered to Pay A$5m Over Agricultural Lending Products

By Editors | 08/06/2020

CBA’s failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.

Enforcement

New Zealand FMA Files High Court Proceedings Against ANZ

By Editors | 07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

AML / KYC

Hong Kong ICAC Charges Four for Defrauding DBS Bank

By Editors | 07/06/2020

The individuals are charged for money laundering, bribery offences, and for using false documentation to defraud DBS into issuing letters of credit worth HK$75.3mn.

Enforcement

S. Korean Prosecutors Seek Arrest of Samsung Execs for Illegal Trading

By Editors | 07/06/2020

Samsung’s de facto head, Lee Jae-yong, and two of his senior lieutenants could face charges of illegal trading and stock price manipulation, among other charges.

AML / KYC

US Seeks Extradition of Money Launderer Jailed in S. Korea

By Editors | 07/06/2020

A civil forfeiture complaint alleges that Kenneth Zong, a US citizen held in Korea, conspired with Iranian nationals in 2011 to launder $1bn through the UAE and other countries.