Enforcement

AML / KYC

Australian Mining Magnate Charged Over A$38.5m Tax Evasion

By Sanday Chongo Kabange | 03/08/2021

The founder of a mining software and equipment company did not disclose overseas trust assets and evaded income tax over 15 years.

Enforcement

Hong Kong SFC Fines UBS Over Regulatory Breaches

By Editors | 03/08/2021

The breaches involve research report disclosures, telephone recordings, client derivatives knowledge assessments, and structured product sales.

Enforcement

Korea: Daishin Securities Ordered to Compensate Lime Investors

By Editors | 02/08/2021

Daishin Securities is asked to compensate investors up to 80% of losses after it missold funds managed by Lime Asset Management.

Enforcement

CBIRC Fines Eight Lenders Over Property Loan Violations

By Sanday Chongo Kabange | 02/08/2021

China Construction Bank received the biggest penalty of CNY 6.1 million. ICBC and Agricultural Bank of China were fined CNY 1.5 million each.

AML / KYC

Western Australia Man Jailed for Dealing in Criminal Proceeds

By Editors | 02/08/2021

The man was sentenced to five years jail over A$6.1mn in cash discovered as a result of intelligence gained during Operation Ironside.

Enforcement

Westpac Insider Trading Case May Not Be Heard Until 2023

By Editors | 01/08/2021

A proposed February 2022 trial date will not be feasible as Westpac will have to be allowed sufficient time to review expert evidence.

AML / KYC

Regulatory Pressure on Binance Builds With Malaysia Ban

By Manesh Samtani | 01/08/2021

Malaysia’s SC has announced enforcement actions. Binance is winding down its derivatives business in Europe. India is probing its involvement in a betting probe.

Enforcement

China: Another Ex-Banking Regulator Under Corruption Probe

By Editors | 01/08/2021

Cai Esheng served as CBRC vice chairman for eight years. He was in charge of supervising non-bank financial institutions.

Enforcement

AIA New Zealand Faces Penalty for Misleading Customers

By Ranamita Chakraborty | 01/08/2021

AIA’s remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.