Enforcement

Enforcement

Hong Kong ICAC Charges Two for Defrauding Four Banks

By Sanday Chongo Kabange | 03/09/2020

An SME director and a former clerk allegedly conspired to defraud four commercial banks, the Trade and Industry Department, and Hong Kong Mortgage Corporation.

Crypto / Digital Assets

Seoul Police Raid Crypto Exchange Bithumb Over Fraud Allegations

By Sanday Chongo Kabange | 03/09/2020

Police reportedly raided South Korea’s largest crypto exchange and confiscated data in connection with a fraud investigation involving the pre-sale of BXA tokens to investors.

Enforcement

CBIRC Penalises Two State-Owned Banks for Violations

By Editors | 02/09/2020

Agricultural Bank of China and China Construction Bank were fined more than a combined 90mn yuan and one individual was banned for life.

Enforcement

ASIC Four-year Plan Targets Misconduct, Innovation

By Editors | 01/09/2020

In its four year corporate plan, ASIC says it will target misconduct and consumer harm, while also promoting fintech, regtech and suptech innovation.

AML / KYC

US DOJ Files Civil Forfeiture Complaint to Recover Stolen Crypto

By Manesh Samtani | 31/08/2020

The two crypto exchange hacks detailed in the complaint are linked to the same group of Chinese actors who laundered over $250mn in stolen cryptocurrency for North Korea in 2018.

Enforcement

APRA Imposes Licence Conditions on NAB Unit NULIS Nominees

By Editors | 28/08/2020

NULIS Nominees is required to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making.

AML / KYC

ASIC Ends Years-old Probe into CBA’s AML Breaches

By Editors | 26/08/2020

ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.

Enforcement

Singapore CEO Fined Over ‘Interested Person’ Transactions

By Editors | 26/08/2020

Under the Securities and Futures Act, mainboard companies must immediately announce interested person transactions worth over 3% of tangible assets.

Enforcement

SFC Imposes Lifetime Ban on Former China Citic Bank Employee

By Editors | 26/08/2020

The former relationship manager is said to have falsely represented to customers that an additional fee was needed to open an account with CITIC – which he then pocketed.