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Enforcement
CBIRC Penalises Anxin Trust $2mn for Misappropriating Assets
By Editors | 09/04/2020
The misappropriation involved the transfer of assets from trust products to company shareholders, and the illegal use of assets to make payments for other products, among other purposes.
Enforcement
S. Korea: Covid-19 Loans Exempted From Misconduct Sanctions
By Editors | 09/04/2020
Financial services workers delivering emergency support funds to businesses in need will be exempt from misconduct sanctions.
Enforcement
UPDATED – ASIC Commences Legal Proceedings For False Advertising
By Editors | 09/04/2020
ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.
Enforcement
Australia: 10yr Jail Term Imposed for Superannuation Misappropriation
By Editors | 08/04/2020
The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.
Enforcement
RBI to Establish New Banking Fraud Oversight Division
By Editors | 08/04/2020
The initiative has reportedly been sped up in response to recent frauds at Yes Bank and Punjab National Bank.
AML / KYC
OFSI Fines Standard Chartered $25m for Sanctions Breaches
By Editors | 07/04/2020
Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.
Enforcement
SFC Fines HSBC Units for Cash Management Failures at Funds
By Editors | 07/04/2020
The identified concerns have all since been rectified, and the two units have agreed to pay over $430,000 into the affected funds, on top of a $451,000 fine from the SFC.
Enforcement
US Court Reverses 2017 Dismissal of Rate Rigging Suit Against Banks
By Editors | 07/04/2020
The decision effectively revives a suit by a group of investment funds against major banks over their alleged manipulation of yen LIBOR and euroyen TIBOR between 2006 and 2011.
AML / KYC
Singapore: Suspect Arrested in Covid-19 Money Laundering Case
By Editors | 06/04/2020
Quick intervention by seven banks allowed enabled the recovery of more than 60% of the amount scammed in the fraudulent sale of surgical masks and hand sanitisers.
AML / KYC
Tiger Brokers NZ, Six Others Get Formal Warning for AML Failures
By Editors | 06/04/2020
A public warning was issued to NZX-accredited Tiger Brokers, and six additional private warnings unnamed businesses or individuals.
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