Enforcement

AML / KYC

China Cracks Down on Payments from Underground Banks

By Sanday Chongo Kabange | 19/04/2021

Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.

AML / KYC

US Sanctions Russia Over Election Interference, Cyber Attack

By Manesh Samtani | 16/04/2021

US banks will be barred from purchasing rouble-denominated sovereign bonds in the primary market starting from 14 June.

Enforcement

China May Transfer Huarong to Sovereign Wealth Fund – Report

By Sanday Chongo Kabange | 16/04/2021

Huarong’s failure to publish its earnings by its 31 March deadline has prompted concerns of a default by China’s largest distressed debt manager.

Enforcement

SFC Fines Optimas Capital Over Short Position Reporting Errors

By Editors | 15/04/2021

The errors occurred as a result of a programming mistake in a script created to automate the process of identifying reportable short positions.

AML / KYC

Hong Kong: Nine Arrested for Laundering HK$900 Million

By Editors | 15/04/2021

Part of the laundered funds came from 55 victims of investment frauds and romance scams, police say.

Enforcement

BaFin Faces Criminal Probe Over Wirecard Response

By Sanday Chongo Kabange | 14/04/2021

BaFin has been under fire since mid-last year for failing to properly respond to multiple red flags signalling an accounting fraud at Wirecard.

AML / KYC

MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures

By Manesh Samtani | 14/04/2021

The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.

AML / KYC

HSBC Agrees to Share Documents in Meng Extradition Case

By Editors | 14/04/2021

A Hong Kong judge has approved an agreement between Huawei and HSBC that includes document sharing by the bank, with some redactions.

Enforcement

SEBI Fines Yes Bank, Three Others for Mis-selling AT1 Bonds

By Editors | 13/04/2021

SEBI says Yes Bank misled individual investors into buying risky AT1 bonds and did not inform them of the risks involved or conduct risk profiling.