APAC Compliance News Update

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  1. China’s Minsheng Bank Sees Investor Trust Vanish – Along With 3B Yuan:

The disappearance of 3 billion yuan (US$436 million) from China Minsheng Bank’s private banking accounts has once again highlighted Chinese banks’ weak internal controls and the risks associated with the sale of so-called “innovative” wealth-management products on the mainland.

  1. Assistant Chairman Of China Banking Regulatory Commission, Yang Jiacai, Reported To Be ‘Out Of Contact’:

Yang made last public appearance a week ago, during which he introduced some heavy-handed regulatory moves planned by the CBRC.

3. Hong Kong Watchdog To Tighten Cybersecurity At Brokers After Hackers Steal HK$110m Over 18 Months:

Market watchdog will also ease rules to make it easier for foreigners and mainlanders to open accounts with the 500 brokers in Hong Kong.

  1. Hong Kong’s SFC Warns Investors On Three Unregulated Investment Providers:

The SFC routinely warns about such entities and scams operating in Hong Kong, one of the Asia’s paramount financial markets.

  1. HK Watchdog Fines Investment Firm For AML Breaches:

Hong Kong’s securities watchdog has fined and reprimanded an investment adviser for allegedly failing to adhere to anti-money laundering policies while processing third-party fund transfers.

  1. Ex-Chinese Legislator Lands In Jail For Bribery:

A former Senior legislator in northeast China’s Heilongjiang Province was on Thursday sentenced to 14 years in prison for accepting bribes.

7. Interpol ‘Red Notice’ Issued For Overseas Chinese Property Tycoon:

China said on Wednesday that an Interpol “red notice” has been issued for the arrest of billionaire and critic of the ruling Chinese Communist Party Guo Wengui.

  1. Brazil Construction Firm Ordered To Pay $2.6B In Bribe Case:

Brazilian construction conglomerate Odebrecht was ordered on Monday to pay $2.6 billion in fines to settle charges it bribed officials in a dozen countries.

  1. Ousted Leader Park Charged With Bribery:

More South Korea’s ousted President Park Geun Hye corruption scandal.

10. Korea’s Lotte Group Boss Charged With Bribery:

South Korean prosecutors have arrested and charged Shin Dong-bin, chairman of Lotte.

  1. Trial Against Former President Of China Telecom, China Unicom Starts:

A court in northern China on Tuesday began a trial against a former president of state telecommunications companies China Telecom and China Unicom, who was accused of accepting bribes, the official Xinhua news agency reported.

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