Enforcement

Enforcement

China Watchdog Exposes Corrupt Former Regulators

By Sanday Chongo Kabange | 28/05/2021

Regulators inspected Baoshang Bank on 50 occasions and deliberately avoided parts of the business that had significant potential risks.

Crypto / Digital Assets

Inner Mongolia Government Threatens Punishment for Crypto Mining

By Sanday Chongo Kabange | 28/05/2021

A new notice warns telecoms, big data centres and cloud computing companies of severe punishment if they engage in or facilitate crypto mining activities.

AML / KYC

AFP, AUSTRAC Probe Payments via Adult Content Site – Report

By Editors | 28/05/2021

Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.

Enforcement

SFC Fines Ewarton Securities Over Staff Trading Controls

By Manesh Samtani | 27/05/2021

A lack of internal controls resulted in Ewarton’s failure to detect and prevent unauthorised or improper activities by a licensed representative.

Enforcement

UPDATE: Former Adviser Jailed for Six Years in Australia

By Ranamita Chakraborty | 27/05/2021

Former adviser Ross Andrew Hopkins misappropriated about A$2.9mn of client funds without their knowledge over three years.

AML / KYC

RBNZ Takes Court Action Against TSB Bank for AML Failures

By Editors | 27/05/2021

The court action and pecuniary penalties sought are a result of TSB Bank not responding sufficiently to the RBNZ’s initial formal warning in 2016.

Enforcement

Korea FSS Orders IBK to Compensate Investors Over Mis-sold Funds

By Editors | 26/05/2021

The FSS said IBK failed to adequately inform customers of potential high risks and lacked internal controls to monitor the selling process.

Enforcement

China: Policymakers Warn Against Commodity Market Speculation

By Editors | 25/05/2021

Regulators will strengthen supervision of commodity futures and the spot market with a “zero tolerance” for illegal activities.

Enforcement

Japan Post Bank Misplaces Customer Transaction Data

By Editors | 25/05/2021

The missing records include information such as clients’ names and bank account numbers, which are supposed to be retained for 10 years.