ENFORCEMENT

Securities / Derivatives

Korean Law Firms File Complaint Against HSBC, BNP Paribas – Report

By Editors | 06/12/2023

The complaint calls on Seoul prosecutors to swiftly investigate the banks’ short-selling practices in cooperation with the FSS and Hong Kong authorities.

AML / KYC

Banque Pictet to Pay $123m to Settle US Tax Evasion Case

By Editors | 06/12/2023

Banque Pictet helped US taxpayers to use coded accounts, foreign trusts and entities, nominee beneficiaries and other “deceits” to conceal their income and assets abroad.

Enforcement

ASIC Warns Online Trading Providers Over Risky Offers

By Sanday Chongo Kabange | 06/12/2023

ASIC found that some online trading providers unfairly influenced consumer decisions and made misleading disclosures during the Covid-19 pandemic.

Enforcement

China Fines Citic Bank and Others for Regulator Violations

By Editors | 06/12/2023

China Citic Bank was fined CNY 225 million for 56 regulatory violations. Multiple other banks, asset managers, and insurers were also fined.

Enforcement

SFC Fines Ruifeng Securities for Fund Management Failures

By Sanday Chongo Kabange | 05/12/2023

The penalty was imposed for failures related to fund management activities and account opening procedures.

Crypto / Digital Assets

Cristiano Ronaldo Facing Class Action Over Binance Endorsement

By Editors | 04/12/2023

The $1bn lawsuit claims the endorsement led the plaintiffs to make loss-making investments, including in “CR7” branded NFTs.

AML / KYC

OCBC Files Suit Against Money Laundering Suspect – Report

By Editors | 04/12/2023

The suspect was among the ten Chinese-born individuals arrested in August for offences including money laundering and forgery.

Enforcement

FINRA Fines BofA Securities for Spoofing in Treasury Markets

By Editors | 03/12/2023

FINRA said a former BofA Securities supervisor and junior trader conducted 717 spoof trades, and the firm’s systems were not able to detect such activity.

Enforcement

Australian Court Orders OnePath Custodians to Pay A$5m Penalty

By Editors | 03/12/2023

OnePath Custodians made false or misleading representations and deducted fees from members for advice services they did not receive.