Enforcement

AML / KYC

US Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt

By Nick Turner | 05/05/2020

US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.

AML / KYC

Westpac Internal Probes Identify More AML Breaches

By Editors | 04/05/2020

Westpac has identified an estimated 60,000 to 90,000 threshold transaction reports that were not reported to AUSTRAC, and potential problems with its FATCA and CRS compliance.

Enforcement

ASIC Quadrupled Criminal Charges Laid in H2 2019

By Editors | 30/04/2020

In the six months to December 2019, ASIC did not have any new enforceable undertakings, reflecting its post-Royal Commission ‘why not litigate’ approach to enforcement.

AML / KYC

PBOC Penalties for AML Violations Spike in Q1 2020

By Editors | 29/04/2020

The increase in penalties is in part the result of a new calculation method in use at the PBOC, where penalties can now accumulate when multiple breaches occur at once.

Enforcement

Korea: FSS Confirms ‘Bad Bank’ Plan to Recover Lime Asset Losses

By Editors | 29/04/2020

FSS governor Yoon Suk-heun also pledged to establish a sustainable monitoring system, in light of events at Lime Asset Management and last year’s derivative product mis-selling at banks.

Enforcement

CSRC Vows Cross-border Cooperation in Luckin Fraud Case

By Editors | 28/04/2020

The CSRC has been communicating with US regulators, looking to deepen cross-border cooperation to combat misconduct and fraud and to protect investors.

Enforcement

China: Luckin Investors Launch Lawsuit Under New Securities Law

By Editors | 26/04/2020

A lack of cross-border regulation presents a challenge to holding Luckin Coffee entities and executives to account for alleged misconduct and fraud.

Enforcement

FSC Taiwan Fines Investment Trust for Intranet Loopholes

By Editors | 24/04/2020

A Capital Investment Trust fund manager reportedly bought shares in dozens of companies that he knew would be purchased in the funds he helped manage.

Enforcement

FMA to Grant ‘No-Action’ Relief for Regulatory Breaches

By Editors | 24/04/2020

The ‘no action’ relief can be provided case-by-case to market participants who breach, or expect to breach, a regulatory obligation as a result of Covid-19 circumstances.