Enforcement

    AML / KYC

    BCBS Updates AML Guidance to Advance Supervisory Cooperation

    By Editors | 02/07/2020

    Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.

    Enforcement

    SocGen Australia Pleads Guilty to Client Money Offences

    By Editors | 02/07/2020

    SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

    Enforcement

    FSC Korea Introduces Legislative Revisions on Predatory Lending

    By Editors | 02/07/2020

    The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.

    Enforcement

    Korea: Optimus Asset Management Ordered to Suspend Business

    By Editors | 01/07/2020

    Company executives will be removed and designated administrators will take over their duties. Optimus is accused of fabricating depository statements sent to brokers.

    AML / KYC

    UPDATED – Wirecard Fraud: A Timeline of Events

    By Editors | 30/06/2020

    Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

    Enforcement

    ABA Temporarily Amends Banking Code in Light of Covid-19

    By Editors | 29/06/2020

    The changes related to the timelines for customer communication outlined in the Code, and to banks’ obligations when lending to small business customers.

    Enforcement

    Luckin Coffee Abandons Plans to Appeal Nasdaq Delisting

    By Editors | 29/06/2020

    A hearing with Nasdaq Hearings Panel was scheduled for Thursday but Luckin withdrew its request a day before.

    Enforcement

    RBNZ Secures Funding to Boost Supervisory, Enforcement Capability

    By Editors | 28/06/2020

    The RBNZ will direct the additional funding towards its supervisory and enforcement capability, technology infrastructure and security architecture.

    Enforcement

    CSRC Imposes Record Penalty in Insider Trading Case

    By Editors | 26/06/2020

    A Shanghai entrepreneur and his daughter were penalised a total 3.6bn yuan, representing a record fine and confiscation of illegal gains.

    AML / KYC

    Hong Kong Autonomy Act Advances in US Congress

    By Manesh Samtani | 26/06/2020

    Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China’s new national security law for Hong Kong.

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