Financial Crime

Supervision & Enforcement

CBIRC Fines Four Banks and Huarong for Violations

By Editors | 07/09/2020

Minsheng Bank, Zheshang Bank, Guangfa Bank, Huaxia Bank and Huarong Asset Management were fined a combined 320mn yuan for various violations.

Market Abuse

SFC Seeks Damages for Tianhe Investors Over Defective Prospectus

By Editors | 07/09/2020

The SFC’s investigation revealed that about 53% of Tianhe’s total track record revenue disclosed in its 2014 IPO prospectus was overstated.

PEPs & Sanctions

Hong Kong Financial Firms Step Up Compliance Hiring – Report

By Editors | 07/09/2020

The demand for compliance staff has reportedly risen by a third in the past few months. Lawyers with sanctions expertise are in particularly high demand.

Anti-Money Laundering

US Recovers $60m in 1MDB Funds from Najib Razak’s Stepson

By Editors | 06/09/2020

The assets recovered include luxury real estate in Beverly Hills, New York and London, a Kentucky maintenance company, and a 1927 promo poster for the film “Metropolis”.

Fraud, Scams & Cybercrime

US SEC Launches Fraud Probe into Chinese Edutech Firm

By Manesh Samtani | 06/09/2020

Reports first emerged in February alleging that up to 80% of GSX Techedu users are fake, evidenced by attendance data, server records, and admissions by former employees.

Supervision & Enforcement

FINMA Launches Enforcement Proceedings Against Credit Suisse

By Manesh Samtani | 06/09/2020

The proceedings relate to violations identified by a FINMA-appointed auditor in relation to Credit Suisse’s observation and security activities, and how these activities are documented and controlled.

Fraud, Scams & Cybercrime

BSP Confirms Ongoing Probe into State-run Bank Over Cyber Theft

By Sanday Chongo Kabange | 05/09/2020

Over $3mn was stolen from United Coconut Planters Bank through fraudulent ATM withdrawals and online transfers over a three-day holiday in June.

Anti-Money Laundering

SWIFT Details How Cyber Criminals Encash Stolen Funds

By Editors | 03/09/2020

In a new report, SWIFT and BAE Systems reveal how cyber attackers launder money and ‘cash out’ following large-scale heists.

Fraud, Scams & Cybercrime

Hong Kong ICAC Charges Two for Defrauding Four Banks

By Sanday Chongo Kabange | 03/09/2020

An SME director and a former clerk allegedly conspired to defraud four commercial banks, the Trade and Industry Department, and Hong Kong Mortgage Corporation.