Financial Crime

Supervision & Enforcement

CBIRC Moves to Stamp Out Abuse of Cheap Loans

By Editors | 11/06/2020

Banks have reportedly been directed to reduce their structured deposits to January levels, as part of CBIRC efforts to stamp out abuse of cheap loans.

Anti-Money Laundering

Chinese Police Freeze 4,000 Bank Accounts in Crypto Probe

By Editors | 11/06/2020

Guangdong police have reportedly frozen about 4,000 bank accounts belonging to cryptocurrency traders in a crackdown on illicit activities.

Supervision & Enforcement

Korea: Banks, Brokers Agree Plan to Recover Lime Asset Losses

By Editors | 11/06/2020

Twenty firms, including banks and brokers, will set up a new entity to manage the estimated 1.7tr won in assets frozen by Lime Asset Management since October.

Supervision & Enforcement

Indian Court Halts Franklin Templeton Fund Liquidation

By Editors | 10/06/2020

Franklin Templeton had planned to allow unitholders to vote on whether to allow six shuttered funds to be liquidated, but the Court says it must first release a forensic audit report on the funds in question.

Structural Regulation

Regulatory Change a Challenge for Hong Kong Fund Managers

By Editors | 10/06/2020

Overregulation is an issue for some fund managers in Hong Kong, but the industry is also calling for greater regulatory clarity around GBA initiatives and ESG standards, according to a KPMG-HKIFA survey report.

Fraud, Scams & Cybercrime

Korea: Details of 900,000 Credit Cards Leaked, Sold Overseas

By Editors | 09/06/2020

The leaked information included card numbers, expiration dates and the three-digit security code on the back of cards. About 410,000 of the leaked cards are still active.

Capital Adequacy

SFC Fines Potomac Capital for Breaching Financial Resources Rules

By Editors | 08/06/2020

Potomac misinterpreted the financial resources rules and incorrectly including aged fees receivables as liquid assets, leading to an overstatement of liquid capital.

KYC & CDD

FSC Korea Launches Task Force on Identity Verification Systems

By Editors | 08/06/2020

The FSC supports the development of innovative authentication mechanisms that can provide convenience, safety and security in electronic financial transactions.

Fraud, Scams & Cybercrime

Luckin Coffee Chairman Likely to Face Criminal Charges – Report

By Editors | 08/06/2020

The CSRC and Ministry of Finance have reportedly found new email evidence indicating that chairman Lu Zhengyao instructed his colleagues to commit fraud.