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Enforcement
Advice Compensation Paid by Aussie Majors Tops A$3b
By Editors | 16/02/2022
As at end-2021, Australia’s major banks have paid or offered a total A$3.15 billion in compensation as a result of fees-for-no-service misconduct and non-compliant advice.
AML / KYC
MAS Tables Bill to Obtain Enhanced Regulatory Powers
By Sanday Chongo Kabange | 15/02/2022
The Financial Services and Markets Bill will give MAS enhanced regulatory powers to address misconduct, crypto asset and technology risks.
AML / KYC
SFC Fines South China Commodities for AML Breaches
By Editors | 14/02/2022
This is the third action the SFC has taken against a licensed firm over the use of Xinguanjia, a customer supplied system provided by Hengxin Software.
Enforcement
Prosecutors Drop Criminal Cartel Case Against Citi, Deutsche
By Editors | 13/02/2022
Australia’s top prosecutor concluded that there were no longer reasonable prospects of convicting Citigroup, Deutsche Bank and four former executives.
AML / KYC
US DOJ Makes Largest Ever Cryptocurrency Seizure
By Sanday Chongo Kabange | 10/02/2022
The DOJ seized a record USD 3.6 billion in bitcoin tied to the 2016 Bitfinex hack, representing the largest financial seizure in its history.
AML / KYC
PBOC Fines MYbank for AML and Other Violations
By Editors | 10/02/2022
MYbank failed to perform customer identification obligations, preserve identity information and transaction records, and report suspicious transactions.
Enforcement
Singapore Man Charged Over False Statements in Telegram Chat
By Manesh Samtani | 09/02/2022
The false statements were used to induce investors to trade listed securities. SGX has previously warned about the use of Telegram chat groups in “pump and dump” schemes.
Enforcement
CBIRC Vows to Continue Efforts to Prevent, Resolve Financial Risks
By Editors | 07/02/2022
The CBIRC said it will dismantle “high-risk shadow banks”, and crack down on illegal financial and fundraising activities, unfair competition, and unlicensed financial businesses.
Enforcement
US DOJ Probes for Criminal Abuses by Known Short Sellers
By Editors | 07/02/2022
The DOJ is reportedly seeking records from almost 30 investment and research firms to map out their alliances and determine whether they manipulated markets or broke securities laws.
Enforcement
Taiwan Allows Deutsche Bank to Resume FX Derivatives Trading
By Editors | 07/02/2022
Last February, Deutsche Bank’s Taipei branch was banned from trading TWD forwards and suspended for two years from trading FX derivatives.
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