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ENFORCEMENT
AML / KYC
ICBC’s Former Asset Management Chief Investigated by Graft Watchdog
By Editors | 04/08/2023
Gu Jiangang, ICBC’s former asset management head, is under investigation by China’s CCDI for potential serious law and discipline violations.
Enforcement
US Hacker Pleads Guilty Over 2016 Bitfinex Cyber Theft
By Editors | 04/08/2023
Ilya Lichtenstein admitted to being the original hacker in the 2016 cyberattack on Bitfinex and pleaded guilty to conspiracy to commit money laundering.
Enforcement
FSS Korea Identifies “Serious Misconduct” by PE Fund Managers
By Mark Johnston | 03/08/2023
The FSS said it will impose disciplinary procedures “promptly and strictly” against managers and executives who commit illegal acts.
Enforcement
SocGen Reaches Settlement Over Unauthorised Messaging Probe
By Editors | 03/08/2023
SocGen said it has reached separate settlements with the SEC and CFTC, both of which were “pending formal regulatory approval.”
Enforcement
ASIC Sues eToro Over Retail Sales of High Risk CFD Products
By Sanday Chongo Kabange | 03/08/2023
ASIC says eToro’s target market was too broad for “such a high-risk and volatile trading product where most clients lose money”.
Enforcement
Australia High Court Calls for Higher Penalty in Foreign Bribery Case
By Editors | 03/08/2023
High Court justices rejected the A$1.35mn fine ordered in a foreign bribery case, deeming it insufficient.
Enforcement
ASIC Warns of More Enforcements in the ‘Coming Months’
By Sanday Chongo Kabange | 03/08/2023
ASIC said it has embedded new data and analytics capabilities into its insider trading surveillance processes.
AML / KYC
FSS Korea Confirms Embezzlement Case at BNK Kyongnam Bank
By Editors | 03/08/2023
A BNK Kyongnam Bank employee was found to have embezzled $44mn over 15 years by fabricating loan documents and using family accounts.
Enforcement
RBI Fines State-run Energy Firms for Reporting Foreign Investments Late
By Editors | 02/08/2023
The RBI fined the four companies a combined $240mn for their delay in reporting overseas investments.
Enforcement
FSS Korea Directs to Foreign Firms to Improve Trading Controls
By Sanday Chongo Kabange | 02/08/2023
The firms erroneously recorded margin trading transactions. One firm also did not properly document reasons for client-directed order amendments.
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