Enforcement

AML / KYC

China Bank Official Expelled from CCP Amid Corruption Probe

By Sanday Chongo Kabange | 24/06/2021

The ex-president of China Development Bank’s Chongqing branch has been expelled from the CCP and removed from all public posts amid a corruption probe.

Enforcement

CBIRC Issues Draft Rules on Related Party Transactions

By Editors | 24/06/2021

Banks and insurers are required to put in place mechanisms to prevent the transfer of benefits to shareholders and their related parties.

AML / KYC

Korean Officials Seize Cryptocurrency from Tax Evaders

By Editors | 23/06/2021

Investigators had to compare tax evaders’ mobile phone numbers against those registered at crypto exchanges in order to track down their account details.

AML / KYC

PBOC Directs Banks & Alipay to Stamp Out Crypto Activity

By Manesh Samtani | 22/06/2021

Financial institutions are asked to identify the capital accounts of crypto exchanges and OTC dealers, and cut off their payment channels.

AML / KYC

Former CBIRC Official Expelled from CCP for Corruption

By Sanday Chongo Kabange | 17/06/2021

Liu Wenyi’s case is said to be linked to the failure of Bank of Jinzhou as well as a corruption investigation involving a former head of Bank of Huludao.

AML / KYC

NAB Contract Workers Received Little AML Training: Report

By Ranamita Chakraborty | 17/06/2021

The revelation comes follows AUSTRAC’s launch of a formal enforcement investigation into NAB earlier this month.

Enforcement

ASIC Sues Austal Over Breach of Continuous Disclosure Obligations

By Ranamita Chakraborty | 16/06/2021

Major shipbuilder Austal breached its continuous disclosure obligations in 2016 by failing to disclose a material change in its prior earnings guidance, ASIC says.

AML / KYC

PNG’s BSP Financial Group Faces Possible AML Penalties

By Editors | 16/06/2021

Australia’s CBA and NAB are reportedly under scrutiny as they provided correspondent banking services to BSP Financial Group.

Enforcement

CBIRC Reprimands Fintech Firm for Consumer Rights Violations

By Sanday Chongo Kabange | 16/06/2021

The CBIRC said Mashang Consumer Finance violated product pricing rules, consumer rights, and fair trade regulations.