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Enforcement
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.
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.
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