Enforcement

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.

AML / KYC

Philippine Lawmakers Approve Strict New Anti-Terrorism Law

By Editors | 04/06/2020

Wiretaps and arrests can be carried out without a warrant. Bank records can be inspected without a court order. Life imprisonment without parole can be imposed for facilitating terrorist acts.

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.