ENFORCEMENT

Enforcement

Korea FSS Vows to Punish Daegu Bank for Opening Fake Accounts

By Sanday Chongo Kabange | 13/10/2023

FSS inspections found that 1,662 securities accounts were illegally opened by 114 employees across 56 Daegu Bank branches.

Enforcement

UK FCA Seeks to Fine & Ban Former CEO of Barclays

By Editors | 13/10/2023

The FCA said James Staley “recklessly approved” a letter to the FCA containing misleading statements about his relationship with Jeffrey Epstein.

Crypto / Digital Assets

US Regulators File Suit Against Former CEO of Voyager Digital

By Manesh Samtani | 13/10/2023

The CFTC and FTC filed parallel actions alleging Stephen Ehrlich misled customers and caused more than $1bn in losses to Voyager customers.

AML / KYC

Bank of Baroda Ordered to Halt Mobile App Onboarding

By Editors | 13/10/2023

The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.

Enforcement

Record Fine for KPMG Over Carillion Audit Failure

By ESG Investor | 12/10/2023

KPMG was fined GBP 21 million and two former partners were fined a combined GBP 420,000 by the UK FRC.

Enforcement

Goldman Sachs Sues Malaysia Over 1MDB-related Dispute

By Editors | 12/10/2023

The two sides are in disagreement over whether Goldman must make an interim payment against a guarantee it provided in its 2020 settlement with Malaysia.

Enforcement

Kiwibank Fined for Overcharging Transaction Fees

By Editors | 12/10/2023

The court said the relevant conduct involved “negligence, and no intention to deprive customers of their entitlements.”

Enforcement

SFC Bans Investment Banker for Seven Years for Sponsor Failures

By Editors | 12/10/2023

The SFC said there was a need to send a “strong deterrent message” that failures of sponsors and sponsor principals will not be tolerated.

Enforcement

FSS Korea Strengthens Capital Markets Inspection System   

By Sanday Chongo Kabange | 11/10/2023

Market participants that engage in illicit conduct will face immediate deregistration or licence revocation for even a single offence.