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Enforcement
China to Prosecute Former China Merchants Bank President
By Editors | 12/10/2022
The former president was abruptly removed from his post in April, after spending nearly nine years building CMB into China’s top retail bank.
AML / KYC
US Treasury Penalises Crypto Exchange Bittrex $29mn
By Editors | 12/10/2022
OFAC and FinCEN took joint action for sanctions screening failures and violations of AML and SAR reporting requirements.
Enforcement
UK FCA Queries Banks About Staff Messaging Practices
By Editors | 12/10/2022
The queries come after US regulators collected over $2bn in combined penalties from firms for failures to maintain, preserve, or produce staff communication records.
AML / KYC
Singapore Punishes Ex-BSI Banker Over 1MDB Failings
By Sanday Chongo Kabange | 11/10/2022
BSI Singapore’s former head of private banking contributed to the bank’s failure to file STRs for 1MDB-related transactions when there were reasonable grounds to do so.
AML / KYC
US Targets Fuel Procurement Network in Latest DPRK Sanctions
By Editors | 11/10/2022
The sanctions are against two Singapore companies, a Marshall Islands entity, and two individuals for illicit ship-to-ship transfers to deliver fuel to North Korea.
AML / KYC
US Says Hong Kong Risks Becoming Haven for Sanctioned Russians
By Editors | 11/10/2022
The warning came days after Hong Kong indicated it would not pursue action against a superyacht owned by a sanctioned Russian oligarch that docked in the city.
Enforcement
SEBI Cancels Rating Agency Licence for the First Time
By Editors | 10/10/2022
Brickwork Ratings India failed to exercise proper skill, care and diligence while discharging its duties as a credit rating agency, SEBI said.
Enforcement
Korea May Start Naming Foreign Firms Engaged in Illegal Short-Selling
By Editors | 09/10/2022
Local securities firms are required to notify investors if they are fined for violating short selling-related rules, but this is not the case for foreign investors.
Enforcement
FSA Bars SMBC Nikko from Block Trades for 3 Months
By Editors | 09/10/2022
SMBC Nikko Securities was also found to have shared confidential information of several corporate clients without their consent with its parent’s banking unit.
Enforcement
New Zealand: Conduct Issues Result in Remediation Worth NZ$150m
By Editors | 08/10/2022
Conduct issues in the life insurance and banking sectors resulted in over NZD 43 million and NZD 109 million in customer remediation, respectively.
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