China’s central bank fines MYBank US$3.5 million for AML/CFT and other violations
China’s MYBank has been handed a 22.4 million yuan (US$3.5 million) penalty by the People’s Bank of China (PBOC) for anti-money laundering and counter financing of terrorism (AML/CFT) and several other violations. The fine reflects the Chinese authorities’ increased focus on AML/CFT compliance since the…
China publishes draft AML/CFT legislation to meet international standards
China’s central bank has published revised draft legislation in its efforts to bring its anti-money laundering and counter financing of terrorism (AML/CFT) regulations up to international standards. As well as financial institutions, the proposed legislation would cover the activities of precious metal dealers, property developers…
Hin Leong founder faces 105 new charges, 33 related to L/C usage
The founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, is facing an additional 105 charges, 33 of which relate to letter of credit (L/C) usage, in connection with allegedly fraudulent schemes at his now-defunct trading house. The new charges will add yet…
