Enforcement

Enforcement

NAFMII Identifies Regulatory Breaches at Haitong Securities

By Editors | 14/01/2021

The breaches have been reported to the PBOC and CSRC, which are likely to issue penalties to Haitong Securities and its subsidiaries.

AML / KYC

PBOC Tripled AML Penalties in 2020 Compared to 2019

By Editors | 13/01/2021

Failures to perform customer identification and to report lar-value and suspicious transactions were the most frequent reason for the penalties.

AML / KYC

Australian Police Make Arrest as Part of Foreign Bribery Probe

By Editors | 12/01/2021

The arrest is part of an investigation by UK, US and Australian authorities into the payment of bribes to officials in Iraq and other countries to secure oil contracts.

AML / KYC

Ex-China Development Bank Chairman Sentenced to Life in Prison

By Editors | 11/01/2021

The former chairman of China’s largest policy bank took 85.5mn yuan in bribes to facilitate financing for others including CEFC China Energy and HNA Group.

AML / KYC

Deutsche Bank to Pay $130m to Resolve FCPA Violations, Fraud Charges

By Editors | 11/01/2021

The bank’s employees and agents concealed bribes paid to obtain and maintain lucrative business in Saudi Arabia, Abu Dhabi, Italy and China.

Enforcement

FSS Korea to Probe Samsung Securities for Regulatory Violations

By Editors | 11/01/2021

The FSS will look into whether loans granted to executives violated the capital market law and whether the firm influenced a merger involving one of its subsidiaries.

AML / KYC

China Issues New Rules to Protect from Foreign Sanctions

By Manesh Samtani | 11/01/2021

Global businesses that comply with sanctions deemed illegal by MOFCOM can be sued for compensation in Chinese courts.

Enforcement

CBIRC Penalises State-owned Financial Institutions and Subsidiaries

By Editors | 11/01/2021

ICBC, China Development Bank, Great Wall, and Postal Savings Bank and a number of their subsidiaries were penalised almost 200mn yuan for various regulatory violations.

Enforcement

Taiwan Raises Whistleblower Rewards for Serious Crime Tenfold

By Editors | 07/01/2021

Whistleblower rewards are increased tenfold for the reporting of serious illegal financial activities and fivefold for minor illegal financial activities.