Enforcement

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.

Enforcement

CSRC Opens Investigation into Fraud at Coffee Chain

By Editors | 06/04/2020

The chief operating officer of Nasdaq-listed Luckin Coffee, along with his employees, are said to have fabricated about $310mn worth of sales transactions.

AML / KYC

Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo

By Editors | 02/04/2020

Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.