Enforcement

Enforcement

CSRC Issues Warning Against CICC-controlled Fund Manager

By Editors | 04/06/2020

CICC-Qianhai Development Fund Management is said to have failed to fulfil its due diligence obligations and promised investors minimum returns, contrary to regulations.

AML / KYC

Bangladesh Bank Files New Civil Suit Over 2016 Cyber Theft

By Editors | 03/06/2020

Bangladesh Bank has filed a new civil suit against RCBC and other Philippine entities in New York State Court over the 2016 bank heist, after its Federal Court case was dismissed in March.

AML / KYC

US DOJ Unseals Indictment Against North Korea Money Launderers

By Editors | 03/06/2020

The indictment names 28 North Korean and 5 Chinese nationals who were charged for operating a network of over 250 shell companies around the world to procure goods for North Korea.

Enforcement

SEBI Orders Special Audit of Shuttered Franklin Templeton Funds

By Editors | 03/06/2020

A forensic audit firm has reportedly been tasked with determining whether Franklin Templeton colluded with bond issuers and if conflicts of interest were present at the firm.

Enforcement

Singapore Authorities Commence Joint Investigation Into Hyflux

By Editors | 02/06/2020

Water treatment firm Hyflux entered the limelight in 2018 when it tried to restructure nearly S$3bn in debt. The company is suspected of breaching disclosure and accounting rules.

AML / KYC

Singapore Police Arrest Suspect in Covid-19 Money Laundering Case

By Editors | 01/06/2020

An overseas distribution company was defrauded of more than $646,000 for the purchase of N95 masks and personal protection gowns from a supposed supplier in Singapore.

Enforcement

RBI Fines Citibank, Six Others for Non-Compliance

By Editors | 01/06/2020

Citibank did not comply with obligations to obtain declarations from customers about the credit facilities they have with other banks before granting them non-fund based facilities.

AML / KYC

PBOC Fines BNP Paribas China Unit, Three Execs for AML Violations

By Editors | 01/06/2020

The bank and three executives were fined for failing to perform customer identification obligations and report large and suspicious transactions.

Enforcement

ICAC Charges SME Director & Clerk for Defrauding HK Banks

By Editors | 31/05/2020

The two are said to have defrauded seven banks of loans and banking facilities worth about HK$160mn, and deceived the TID and HKMC into issuing loan guarantees.