Enforcement

Enforcement

FSS Korea Confirms Misconduct Case at Lotte Card Co

By Editors | 30/08/2023

Two Lotte Card employees conspired to help a subcontractor win a deal and then the three shared in the proceeds.

Enforcement

ASIC’s New 4-Year Plan Highlights Heavy Enforcement Focus

By Editors | 29/08/2023

ASIC will target scams, digitally-enabled misconduct, predatory lending, and greenwashing, while also “closely monitoring” the use of AI.

AML / KYC

Singapore AML Probe Expands to Precious Metals, Property Agents

By Manesh Samtani | 29/08/2023

MinLaw urged precious metals dealers to review their transactions and business relationships. The Council for Estate Agencies is investigating property agents.

Enforcement

US SEC Settles First NFT-related Enforcement Action

By Manesh Samtani | 29/08/2023

The SEC says NFTs offered and sold to investors by Impact Theory were investment contracts and therefore unregistered securities.

Enforcement

Wells Fargo Fined $35m for Overcharging Advisory Clients

By Mark Johnston | 28/08/2023

Wells Fargo and its predecessor firms overcharged clients because the agreed fees were not entered into billing systems.

Enforcement

Fed Terminates 2017 Cease-and-desist Order Against HSBC

By Mark Johnston | 27/08/2023

HSBC no longer has to provide progress reports on its efforts to improve internal controls or manage risks in connection with its FX trading activities.

Enforcement

3M Settles SEC Bribery Case Involving Chinese Subsidiary

By Mark Johnston | 27/08/2023

3M’s Chinese subsidiary paid nearly $1mn to fund at least 24 trips for Chinese government officials that included tourism activities.

AML / KYC

HK Police Arrest 11 in HK$124m Money Laundering Case

By Editors | 27/08/2023

Police believe the laundered funds could be tied to more than 20 fraud cases, including email and loan scams, and commercial and investment fraud.

Enforcement

Indonesia OJK Issues New Regulations on Criminal Investigations

By Editors | 25/08/2023

The new regulations empower OJK to decide whether to pursue investigations, and agree to resolutions with the parties responsible for a criminal offence.