ENFORCEMENT

Enforcement

FSS Korea Warns of Stern Measures for Financial Misconduct

By Mark Johnston | 07/02/2024

FSS Korea warns of stern repercussions for misconduct by financial firms, excessive risk-taking, and high fees and interest rates.

Enforcement

US SEC Settles Charges Against China-Based Firm With No Penalty

By Sanday Chongo Kabange | 07/02/2024

The firm self-reported its violations, provided “substantial cooperation” to SEC staff, and undertook prompt remedial measures.

Enforcement

Hong Kong: Ex-Stanchart Banker Jailed Over Insurance Fraud

By Sanday Chongo Kabange | 06/02/2024

A former Standard Chartered Bank insurance specialist has been jailed for 20 months for premeditating a scam involving two clients and breaching the trust placed in him.

Enforcement

SFC Fines PICC Asset Management for Fund Management Failures

By Sanday Chongo Kabange | 06/02/2024

The SFC penalised PICC Asset Management for failing to discharge duties as the manager of a Cayman-incorporated fund.

ESG / Sustainability

UK Environment Agency Launches Economic Crime Unit

By Editors | 06/02/2024

The unit will boost the Environment Agency’s efforts to tackle money laundering and carry out financial investigations in the waste sector.

Enforcement

Korea: FSS Probe Confirms Mis-selling of HSCEI-Linked ELS

By Manesh Samtani | 06/02/2024

High-risk equity-linked securities were sold to customers who prioritised principal protection, were close to retirement, and those planning for future cancer treatments.

Sanctions

Iran Reported to Have Used UK Banks for Sanctions Evasion

By Editors | 06/02/2024

Iran allegedly used front companies in the UK to conceal real ownership and receive funds at accounts at two of the UK’s largest banks.

Enforcement

US Unseals Charges Against Iranian Oil Trafficking Network

By Editors | 05/02/2024

Nine individuals were charged over the illicit sale of Iranian oil to government-linked buyers in Russia, Syria and China.

Enforcement

PBOC Fines Six Rating Agencies, Including Unit of S&P Global

By Editors | 05/02/2024

The agencies were found to have shortcomings in their rating business processes, violating independence requirements and breaching consistency principles.