Enforcement

AML / KYC

US Agencies Issue Alert on North Korea Cyber Threat

By Manesh Samtani | 22/04/2020

The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.

Enforcement

FSS Prompts JP Morgan Securities Seoul to Enhance Internal Controls

By Editors | 22/04/2020

South Korea’s FSS has reportedly instructed the Seoul branch of JP Morgan Securities to strengthen its internal controls on inter-subsidiary relations.

Enforcement

Singapore Police Open Probe into Renowned Oil Trader

By Editors | 21/04/2020

Hin Leong Trading’s founder admitted to concealing $800mn in losses from oil futures. The firm now unpaid debts of $3.85bn. Up to 23 banks are affected.

AML / KYC

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

By Editors | 21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.

Crypto / Digital Assets

Malaysian Police Arrest 14 Chinese Nationals in Crypto Scam

By Editors | 20/04/2020

The group was found to be impersonating successful investors and using WeChat and QQ group chats to lure mainland victims into investing.

AML / KYC

SFC Fines BOCOM International Securities for “Serious” Breaches

By Editors | 20/04/2020

The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.

AML / KYC

Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud

By Editors | 20/04/2020

The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

Capital / Liquidity

RBNZ Working with ANZ NZ to Improve Model Compliance

By Editors | 18/04/2020

The latest section 95 report identifies that 17 wholesale credit models and the operational risk capital model approach currently in use at ANZ NZ are not approved by the RBNZ.

Enforcement

FSC Taiwan Probes Trading Controls at Hua Nan Securities

By Editors | 15/04/2020

Hua Nan Securities reportedly lost $158mn on derivative warrants in March as a result of poor internal controls.