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AML / KYC
FCA Files Criminal Proceedings Against NatWest for AML Failures
By Editors | 19/03/2021
NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.
Enforcement
SAFE Fines China Development Bank for Illegally Facilitating HNA Loan
By Editors | 19/03/2021
SAFE imposed a CNY 42.7 million fine on China’s biggest policy bank for illegally guaranteeing a loan to a company linked to HNA Group.
Enforcement
New York Court Reinstates SIBOR Manipulation Lawsuit
By Editors | 19/03/2021
The case is being reinstated to allow Fund Liquidation Holdings LLC to pursue claims against 18 banks on behalf of two defunct funds that initially launched the lawsuit.
Capital / Liquidity
Myanmar Military Threatens to Confiscate Bank Assets
By Manesh Samtani | 19/03/2021
Commercial banks have been ordered to resume full operations, or else transfer deposit accounts to state- or military-owned banks.
AML / KYC
US Sanctions 24 Officials Over Hong Kong Electoral Changes
By Editors | 19/03/2021
Foreign financial institutions that knowingly conduct significant transactions with the 24 individuals are subject to sanctions.
Enforcement
RBI Fines SBI For Noncompliant Commission Payments
By Editors | 18/03/2021
State Bank of India violated rules prohibiting banks from paying remuneration in the form of commission or a share of profits.
AML / KYC
SFC Fines Yardley Securities for AML/CFT Breaches
By Editors | 17/03/2021
Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.
Enforcement
Australia Considers Legislation to Make Boards Liable for Cyber Risk
By Editors | 17/03/2021
Legislation currently before Parliament includes security obligations for entities responsible for critical infrastructure, a list that will be significantly expanded.
Enforcement
CSRC Fines Fund Manager ¥1.1m for Fraud, Embezzlement
By Editors | 16/03/2021
Cornerstone Capital’s controlling shareholder was also fined for fabricating the financials of funds managed by the firm.
Enforcement
Woori Accepts FSS Compensation Guideline for Lime Losses
By Editors | 15/03/2021
Woori will compensate investors who lost money from funds managed by Lime Asset Management in line with FSS recommendations.
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