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ENFORCEMENT
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.
Enforcement
ASIC: Morningstar Pays Two ESG-related Infringement Notices
By Manesh Samtani | 01/12/2023
Morningstar fund investors were exposed to weapons companies for “short periods of time” despite an ESG Policy that prohibited such exposures.
Enforcement
US PCAOB Fines Chinese Audit Firm and PwC Units
By Editors | 01/12/2023
PwC’s Hong Kong and China units were fined a combined $7mn for failing to prevent exam cheating by over 1,000 individuals between 2018 and 2020.
Crypto / Digital Assets
US Treasury Lobbies for Powers to Pursue Foreign Crypto Firms
By Editors | 30/11/2023
Deputy Secretary Wally Adeyemo said Treasury is calling for legislation authorising OFAC to exercise extraterritorial jurisdiction over transactions in USD-pegged stablecoins.
Enforcement
Taiwan FSC Fines Shanghai Commercial & Savings Bank
By Sanday Chongo Kabange | 30/11/2023
The FSC fined Shanghai Commercial and Savings Bank over leaks of personal data involving 14,000 bank customers.
Enforcement
Korean Banks, Brokers, Execs Sanctioned Over Mis-sold Funds
By Editors | 30/11/2023
A number of CEOs and former CEOs were sanctioned over the mis-selling of funds tied to Lime Asset Management and Optimus Asset Management.
AML / KYC
HKMA Fines Local Branch of CA Indosuez for AMLO Breaches
By Sanday Chongo Kabange | 30/11/2023
The HKMA fined CA Indosuez’s Hong Kong branch for failing to continuously monitor business relationships with some clients.
Crypto / Digital Assets
The Boiling Frog: Finfluencers in the Investment Management Industry
By Pankaj Sharma | 29/11/2023
Pankaj Sharma and Phoebe Chan discuss the complexities of regulating financial promotions online, finfluencers in particular, and offer recommendations.
Crypto / Digital Assets
HK SFC Under Fresh Scrutiny Over Crypto Platform Hounax
By Sanday Chongo Kabange | 28/11/2023
The SFC is being accused of playing a “passive role” by not blocking suspicious crypto trading platform Hounax and preventing it from contacting the public.
Crypto / Digital Assets
HK Police Arrest 30 in Connection with Alleged JPEX Fraud
By Editors | 28/11/2023
A total 66 individuals have now been arrested, though they have not yet been charged and have all been released on bail pending investigation.
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