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Anti-Money Laundering
AUSTRAC Questioned on Handling of Drug Money Case
By Editors | 21/03/2021
AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.
Supervision & Enforcement
CBIRC Fines Sichuan Trust Over Illegal Loans, Other Violations
By Editors | 21/03/2021
The CBIRC listed 13 violations for the CNY 34.9 billion fine. A team of officials already took control of Sichuan Trust in December following its failure to repay investors.
Anti-Money Laundering
China: 13 Arrested for Using Crypto to Launder Fraud Proceeds
By Editors | 21/03/2021
The suspects confessed to laundering proceeds from telecoms fraud using Tether, before withdrawing the funds to transfer overseas.
Conduct, Culture & Accountability
ASIC Bans Director, Account Managers at FX Broker
By Editors | 21/03/2021
Clients were pressured to deposit funds into their trading accounts, engage in high-risk trading, and delay or cancel withdrawal requests.
Anti-Money Laundering
FCA Files Criminal Proceedings Against NatWest for AML Failures
By Editors | 19/03/2021
NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.
Supervision & Enforcement
SAFE Fines China Development Bank for Illegally Facilitating HNA Loan
By Editors | 19/03/2021
SAFE imposed a CNY 42.7 million fine on China’s biggest policy bank for illegally guaranteeing a loan to a company linked to HNA Group.
Market Abuse
New York Court Reinstates SIBOR Manipulation Lawsuit
By Editors | 19/03/2021
The case is being reinstated to allow Fund Liquidation Holdings LLC to pursue claims against 18 banks on behalf of two defunct funds that initially launched the lawsuit.
Liquidity Risk
Myanmar Military Threatens to Confiscate Bank Assets
By Manesh Samtani | 19/03/2021
Commercial banks have been ordered to resume full operations, or else transfer deposit accounts to state- or military-owned banks.
PEPs & Sanctions
US Sanctions 24 Officials Over Hong Kong Electoral Changes
By Editors | 19/03/2021
Foreign financial institutions that knowingly conduct significant transactions with the 24 individuals are subject to sanctions.
Supervision & Enforcement
RBI Fines SBI For Noncompliant Commission Payments
By Editors | 18/03/2021
State Bank of India violated rules prohibiting banks from paying remuneration in the form of commission or a share of profits.
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