Enforcement

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.

AML / KYC

Westpac Concludes Internal Probe into AML/CTF Failures

By Manesh Samtani | 04/06/2020

Westpac said its IFTI non-reporting was due to a mix of technology and human errors dating back to 2009. Governance failures and unclear compliance accountabilities were also identified.

Enforcement

CBIRC Issues Rules for Banks on Handling of Criminal Cases

By Editors | 04/06/2020

The CBIRC has set out banks and insurers’ obligations when handling criminal cases that arise, including duties to investigate, issue reports, determine accountability and hand out punishments.