Enforcement

Enforcement

Hong Kong FRC to Increase Public Disclosures on Investigations

By Editors | 28/11/2021

The Financial Reporting Council will increasingly disclose its investigations when cases involve high public interest.

Enforcement

ASIC Sues ANZ Over Home Loan Introducer Programme

By Editors | 27/11/2021

ASIC says ANZ breached credit laws by accepting customer information and documents from unlicensed individuals, some of which was fraudulent.

Enforcement

China Cracks Down on Online ‘Influencers’ for Tax Evasion

By Darien Choong | 27/11/2021

Fines against two influencers comes as China cracks down the entertainment and livestreaming industries, including in the securities sector.

Crypto / Digital Assets

FSC Korea Seeks to Criminalise Crypto Market Manipulation

By Editors | 26/11/2021

Those who obtain unfair profits from crypto trading would face at least one year in prison and at least three times the amount gained in fines.

Enforcement

CBIRC Orders Banks to Strengthen Risk Controls

By Darien Choong | 25/11/2021

Insufficient assessment of potential business risks and a lack of core management systems and control measures have surfaced, the CBIRC said.

Enforcement

FSC Korea Cancels Business Licence of Optimus Asset Management

By Sanday Chongo Kabange | 25/11/2021

The FSC has also fined Optimus and ordered board member removals, over “numerous counts of violations and inappropriate fund management activities”.

Enforcement

MAS Considers ‘Appropriate Supervisory Actions’ After DBS Outage

By Mark Johnston | 24/11/2021

MAS considering “appropriate supervisory actions” following two days of digital services disruption at DBS Bank.

AML / KYC

US Extradites Ex-BOC Banker to China Over Corruption Charges

By Darien Choong | 22/11/2021

The former BOC managers stole the bank’s money and laundered it through Canada and the US, in a case that dates back 20 years.

Enforcement

HKMA Penalises Four Banks for AML Violations

By Editors | 21/11/2021

ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.