Enforcement

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.

Enforcement

US Banks Agree to Settle Stock Lending Lawsuit for $500m

By Editors | 25/08/2023

Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS denied wrongdoing but agreed to settle the lawsuit to avoid further litigation.

AML / KYC

Malaysia Considers Lawsuit Against Goldman Sachs Over 1MDB

By Editors | 25/08/2023

Prime minister Anwar Ibrahim said as much as 68% of the 1MDB losses have been recovered, but that his administration is considering ways to recover more from Goldman.

Crypto / Digital Assets

US Court Jails Former OpenSea Exec for NFT Insider Trading

By Mark Johnston | 24/08/2023

Nate Chastain will spend three months in prison, followed by three months of home confinement, and three years of supervised release.

Enforcement

BSEC Forms Committee to Investigate Stock Market Rumours

By Mark Johnston | 24/08/2023

Recent rumours have involved the removal of the floor price, the resignation of BSEC’s chairman, and institutional investor sell-offs.