Enforcement

AML / KYC

Westpac Files Defence in Federal Court on its AML/CTF Failures

By Editors | 16/05/2020

While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.

Enforcement

SFC Declines to Take Action Against HSBC for No-dividend Decision

By Editors | 15/05/2020

Some investors in HSBC alleged the bank failed to safeguard their interests. Others questioned whether the bank’s discussions with the Bank of England were disclosed in a timely manner.

Enforcement

ASIC Secures Remediation for Junk Insurance Sales by Banks

By Editors | 14/05/2020

ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.

Enforcement

CBIRC Fines Eight Banks Over Poor Quality of Reported Data

By Editors | 13/05/2020

The banks were each fined between 1.6mn and 2.7mn yuan for underreporting information on certain transactions, wealth management products, and credit asset transfers.

AML / KYC

1MDB Tainted Swiss Bank to Exit Private Banking Business

By Editors | 13/05/2020

Falcon Private Bank was forced to shut down its Singapore operations in 2016. Nearly four years later, it has decided to exit private banking in Switzerland.

Enforcement

CBIRC Probes China CITIC Bank Over Leaked Personal Data

By Editors | 13/05/2020

Last week, a Chinese stand-up comedian accused the bank of disclosing his personal transaction information to his employer without consent.

AML / KYC

Governments Failing to Stop Money Laundering: FATF Official

By Editors | 13/05/2020

Many countries have shown a last-minute commitment to tackling money laundering and a sudden uptick in investigations only because they faced an upcoming FATF evaluation.

Enforcement

Hong Kong: Investors Seek Compensation for Failed IPOs – Report

By Editors | 11/05/2020

The SFC has issued almost HK$1bn in penalties for IPO sponsor failures over 20 years. These proceeds have gone to the government, not investors.

AML / KYC

Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

By Editors | 10/05/2020

Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.