ENFORCEMENT

Enforcement

Singapore Lays Three More Charges Against Hyflux Founder

By Editors | 07/05/2023

Singapore’s Public Accountants Oversight Committee has also issued orders against Hyflux auditors from KPMG LLC for five years of financial statements.

Capital / Liquidity

US SEC Probing Insider Trading by First Republic Execs – Report

By Editors | 07/05/2023

The SEC is looking into whether executives of First Republic improperly traded on inside information before the government seized the bank and sold it to JPMorgan.

Enforcement

NYDFS Fines BitFlyer for Deficient Cybersecurity Programme

By Editors | 07/05/2023

BitFlyer USA did not perform risk assessments, implement a written cybersecurity policy, or conduct annual reviews. The firm said it has completed over 90% of its planned remediation work.

Enforcement

India Supreme Court Allows Prosecution of Deloitte, KPMG Units

By Editors | 07/05/2023

Supreme Court ruling allows criminal complaints against Deloitte Haskins & Sells and BSR & Associates over their handling of IL&FS audits to proceed.

Enforcement

UK FCA Fines Banque Havilland for Alleged Manipulative Trading

By Sanday Chongo Kabange | 06/05/2023

Banque Havilland employees including the CEO created and distributed a document containing “manipulative trading strategies” aimed at harming Qatar’s economy.

Enforcement

FSS Korea Uncovers First “Malicious” Cases of Naked Short Selling

By Editors | 06/05/2023

The FSS uncovered cases where market participants deliberately short-sold securities without first borrowing the stock in a bid to “maximise trading profits”.

Enforcement

MAS Imposes Additional Capital Surcharge on DBS for Outages

By Editors | 05/05/2023

A new disruption on 5 May prevented users from accessing digital banking, mobile wallet, brokerage, and ATM services.

Enforcement

Ex-OpenSea Manager Convicted for NFT Insider Trading Scheme

By Editors | 05/05/2023

Nathaniel Chastain chose which NFTs to feature on OpenSea’s home page and then covertly traded those NFTs, altogether making about $57,000 in profits.

AML / KYC

Taiwan P2P Lender Collapses, Operator Arrested for Fraud

By Editors | 05/05/2023

The FSC is investigating five banks that dealt with the P2P lending platform, which was operated as a Ponzi scheme and stole an estimated $81.6mn from investors.