United States

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Capital / Liquidity

US Banks See Continued Dividend, Buyback Restrictions

By Editors | 29/06/2020

The Fed’s stress tests found that roughly a quarter of the US big banks would approach the 4.5% minimum CET1 capital requirement in a worst-case scenario, a W-shaped recovery.

Enforcement

Luckin Coffee Abandons Plans to Appeal Nasdaq Delisting

By Editors | 29/06/2020

A hearing with Nasdaq Hearings Panel was scheduled for Thursday but Luckin withdrew its request a day before.

Securities / Derivatives

Cambodia Takes Steps to Develop Commodity Futures Market

By Editors | 27/06/2020

A feasibility study on commodity futures trading is being conducted by the securities regulator and Chinese conglomerate Ruifeng Tianfu Investment.

AML / KYC

Hong Kong Autonomy Act Advances in US Congress

By Manesh Samtani | 26/06/2020

Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China’s new national security law for Hong Kong.

Enforcement

BaFin Efficacy Called into Question for Wirecard Handling

By Manesh Samtani | 22/06/2020

Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.

AML / KYC

Singapore Court Charges Two for North Korea Linked Bank Fraud

By Editors | 21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

Enforcement

CFTC Settles Deutsche Bank Spoofing, Swaps Reporting Cases

By Editors | 19/06/2020

Deutsche Bank will pay $9mn for violating swap data reporting requirements during a system outage, and $1.25mn for spoofing carried out by two Tokyo-based traders.

AML / KYC

US Passes Bill Threatening Sanctions Over Uyghur Human Rights

By Editors | 19/06/2020

The bill allows the US President to impose sanctions against Chinese officials identified as responsible for human rights abuses against Muslim minority groups in Xinjiang.