Enforcement

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.

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.