Enforcement

Enforcement

MAS Issues New Guidance on Prohibition Orders Under FSMA

By Ranamita Chakraborty | 26/07/2024

The new PO regime will be brought into effect on 31 July as part of the third phase of implementing the Financial Services and Markets Act, which passed into law in April 2022.

Crypto / Digital Assets

UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches

By Editors | 26/07/2024

The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.

Securities / Derivatives

ASIC Files Lawsuit Against COFCO for Wheat Futures Manipulation

By Nithya Subramanian | 26/07/2024

ASIC alleged that COFCO manipulated contracts by placing orders shortly before the market close, creating an artificial daily settlement price.

AML / KYC

US, UK, South Korea Warn of DPRK Espionage Campaign

By Editors | 26/07/2024

Joint advisory says North Korean hacker group ‘Andariel’ is a threat to entities in the US, UK, South Korea, Japan and India.

Enforcement

Korea FSS Takes Action Against BNK Financial Group, Busan Bank

By Editors | 26/07/2024

The FSS found that executives and employees of both companies manipulated BNK Financial’s stock price when going through the process of a paid-in capital increase.

Enforcement

Korea FSS Considers New Rules to Prevent Mis-selling

By Editors | 25/07/2024

Measures being considered would require banks to separate their sales channels for high-risk products from deposits and installment savings counters.

Enforcement

China Establishes Anti-Corruption Body for Financial Sector

By Editors | 25/07/2024

The CCDI announced the establishment of a dedicated disciplinary body to tackle corruption in the financial sector.

Enforcement

MAS Cancels Insurance Broker’s Registration for Regulatory Breaches

By Nithya Subramanian | 25/07/2024

Acesynergy Brokers failed to comply with applicable regulatory requirements, registration conditions, and written directions from MAS.

Enforcement

Kakao’s Billionaire Founder Arrested in South Korea

By Editors | 24/07/2024

Kim Beom-su was arrested on allegations that he played a role in manipulating the stock price of K-pop agency SM Entertainment last year.