ENFORCEMENT

    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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