ENFORCEMENT

Fintech / Regtech

HKMA Asks Banks to Participate in New Data Sharing Initiative

By Editors | 15/08/2023

The Interbank Account Data Sharing Initiative will enable banks to share bank account data with other banks, subject to customer consent.

AML / KYC

Ex-FBI Agent Admits He Worked for Sanctioned Russian Oligarch

By Editors | 15/08/2023

Charles McGonigal, one of the highest-ranking FBI agents to ever face criminal charges, entered a guilty plea on Tuesday in New York.

AML / KYC

HKMA Fines EFG Bank Over AML Control Deficiencies

By Editors | 15/08/2023

The bank failed to complete identity verification for customers that were transferred in from another FI and had other issues related to CDD and ongoing monitoring.

Crypto / Digital Assets

US Prosecutors File Amended Indictment Against Sam Bankman-Fried

By Editors | 15/08/2023

The new indictment drops a campaign finance charge but includes an illegal campaign finance scheme as part of original fraud and money laundering charges.

Enforcement

UBS Settles RMBS-related Misconduct Lawsuit for Over $1.4b

By Editors | 15/08/2023

The settlement brings the total amount of civil penalties paid by firms for failed RMBS leading up to the 2008 financial crisis to over USD 36 billion.

Enforcement

Taiwan FSC Fines CTBC Units for Governance Failures

By Editors | 14/08/2023

CTBC Financial was regularly inviting a major shareholder to attend group meetings and executive dinners, though he was not an authorised person.

Enforcement

Korea: Bank CEOs to Face Possible Liability for Internal Control Lapses

By Editors | 14/08/2023

The FSC is working directly with lawmakers to fast-track a bill that would allow it to punish bank CEOs for embezzlement and other crimes that occur under their watch.

Enforcement

FSS Korea Probes Daegu Bank for Unauthorised Account Opening

By Mark Johnston | 14/08/2023

South Korea’s FSS has launched an emergency inspection on Daegu Bank over suspected unauthorised securities account opening.

Enforcement

SFC, CSRC Agree to Allow Block Trading on Stock Connect

By Editors | 14/08/2023

Block trading will enhance price discovery and encourage more overseas investors to participate in the A-share market through Stock Connect, said the SFC’s Julia Leung.