Enforcement

Enforcement

NAFMII Punishes Bond Underwriters Over SOE Default

By Editors | 21/01/2021

The three banks failed to conduct proper due diligence and verify cash that appeared to be abnormally restricted when underwriting Yongcheng Coal’s bonds.

AML / KYC

HK Police Arrest Bank Staff for Money Laundering – Report

By Editors | 20/01/2021

The 7 individuals arrested are said to have helped a member of an international money laundering syndicate open at least 14 bank accounts.

AML / KYC

China Shuts Down Cross-border Gambling, Payments Platforms

By Sanday Chongo Kabange | 20/01/2021

The Ministry of Public Security arrested over 75,000 suspects and shut down thousands of online gambling platforms, payment platforms and underground banks in 2020.

AML / KYC

US Sanctions Six More Chinese, Hong Kong Officials

By Editors | 17/01/2021

The latest designations are a response to the arrest of 53 pro-democracy politicians and activists this month. Hong Kong’s government called the move “insane, shameless and despicable”.

Enforcement

30 Firms Reprimanded Over Data Privacy Violations in Guangdong

By Editors | 16/01/2021

The Guangdong Communications Administration ordered 30 firms including banks and securities firms to fix the breaches and revamp their mobile phone apps.

Enforcement

NAFMII Identifies Regulatory Breaches at Haitong Securities

By Editors | 14/01/2021

The breaches have been reported to the PBOC and CSRC, which are likely to issue penalties to Haitong Securities and its subsidiaries.

AML / KYC

PBOC Tripled AML Penalties in 2020 Compared to 2019

By Editors | 13/01/2021

Failures to perform customer identification and to report lar-value and suspicious transactions were the most frequent reason for the penalties.

AML / KYC

Australian Police Make Arrest as Part of Foreign Bribery Probe

By Editors | 12/01/2021

The arrest is part of an investigation by UK, US and Australian authorities into the payment of bribes to officials in Iraq and other countries to secure oil contracts.

AML / KYC

Ex-China Development Bank Chairman Sentenced to Life in Prison

By Editors | 11/01/2021

The former chairman of China’s largest policy bank took 85.5mn yuan in bribes to facilitate financing for others including CEFC China Energy and HNA Group.