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AML / KYC
Hong Kong Banks Asked to File STRs for Suspected NSL Breaches
By Manesh Samtani | 20/10/2020
According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.
Enforcement
CBIRC Issues Raft of Penalties Over Illegal Loans at Banks
By Editors | 20/10/2020
China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.
AML / KYC
AUSTRAC Launches AML Investigation into Crown Resorts
By Editors | 20/10/2020
The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.
AML / KYC
OFAC Settles Iran Sanctions Case with Berkshire Hathaway
By Editors | 20/10/2020
A Berkshire subsidiary knowingly exported cutting tools and related inserts to Turkish distributors to then be shipped to a distributor in Iran for resale to Iranian end-users.
AML / KYC
Goldman US Penalty Over 1MDB to be Announced ‘Within Days’
By Editors | 20/10/2020
Goldman Sachs Group has reportedly reached a more than $2bn settlement with the US DOJ over its role in Malaysia’s 1MDB scandal.
Enforcement
SFC Imposes 24-month Market Ban for Takeovers Code Breach
By Sanday Chongo Kabange | 20/10/2020
The mandatory general offer obligation under the Takeovers Code was triggered 20 times by AV Concept Holdings chairman and his concert parties.
Enforcement
Australian Court Orders Penalty Against NAB Over Introducer Programme
By Editors | 19/10/2020
The penalty was discounted due to NAB’s cooperation with ASIC and its admissions that it contravened the law by using unlicenced home loan referrers.
Enforcement
ASIC, Volkswagen Financial Services Settle Responsible Lending Case
By Sanday Chongo Kabange | 19/10/2020
Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.
Enforcement
FSS Korea to Launch Probe Into Samsung Securities
By Editors | 18/10/2020
Samsung Securities allegedly intervened to secure support from shareholders of a Samsung entity for a 2015 merger while also acting as adviser to the other party in the transaction.
Enforcement
Hong Kong: CMBC Capital, Directors Penalised for Late Disclosure
By Editors | 18/10/2020
CMBC Capital did not make information about significant improvement in the company’s financial performance public in a timely manner.
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