ENFORCEMENT

    AML / KYC

    UK FCA Fines Commerzbank $47m for 5 Years of AML Failures

    By Editors | 19/06/2020

    Commerzbank’s London Branch failed to conduct periodic due diligence on clients, address transaction monitoring weaknesses, and to have adequate CDD policies and procedures in place.

    Enforcement

    High-level Panel Proposes Overhaul of SEBI Enforcement Mechanism

    By Editors | 18/06/2020

    The panel says intermediary regulations need to be amended to speed up enforcement action, and that SEBI should be granted the authority to seize assets subject to investigation.

    Enforcement

    China: Former Insurance Regulator Jailed on Corruption Charges

    By Editors | 18/06/2020

    Xiang was fired from his post as the CIRC’s chairman in April 2017, and placed under investigation for accepting CNY 18.6 million in bribes between 2005 and 2017.

    Enforcement

    ASIC Guidance Sets Out Scope of Product Intervention Powers

    By Editors | 18/06/2020

    The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.

    Enforcement

    Former CSRC Official Jailed for 12 Years for Bribery, Insider Trading

    By Editors | 16/06/2020

    The case against the CSRC’s former Hunan bureau head was said to be linked to a probe into CSRC former vice chairman Yao Gang, who was jailed for 18 years in 2018.

    Enforcement

    ASIC Imposes Licence Conditions on Societe Generale Securities

    By Editors | 16/06/2020

    Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.

    Enforcement

    ASIC Expects Higher Industry Levies for 2019-20

    By Editors | 15/06/2020

    The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.

    Enforcement

    India Proposes to Decriminalise Bounced Cheques

    By Editors | 15/06/2020

    Currently in India, bounced cheques can carry a jail sentence of up to two years and a fine up to twice the value of the cheque, or both.

    AML / KYC

    AUSTRAC Ups Ante in Westpac Money Laundering Case

    By Editors | 14/06/2020

    AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.

    Enforcement

    Malaysia: Former Trust Consultant Jailed for Securities Fraud

    By Editors | 13/06/2020

    The former consultant promised investors guaranteed returns but used the monies they paid for share trading in her personal account.

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