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AML / KYC
NZ FMA Takes Tiger Brokers to Court for AML Failings
By Editors | 22/12/2022
Tiger Brokers failed to appropriately vet customers, respond to activities that should have raised concerns, and maintain appropriate records.
Enforcement
SFC Fines Guosen for Regulatory Breaches Caused by Bugs
By Editors | 21/12/2022
Guosen Securities used expired standing authority of clients because its new operating system failed to send renewal notices to clients.
Enforcement
US Regulator Orders Wells Fargo to Pay $3.7b for Violations
By Editors | 21/12/2022
Wells Fargo repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, among other violations.
Enforcement
Singapore Jails Man for Spoofing, False Telegram Statements
By Editors | 20/12/2022
Kenneth Goh pleaded guilty to creating a false appearance in the market 325 times, deceiving two brokers, and making false statements in Telegram chat groups.
Enforcement
ASIC Files Suit Against Finder Wallet Over Crypto-related Product
By Sanday Chongo Kabange | 20/12/2022
Finder Wallet offered a crypto-related product that paid customers a return for use of their funds, like a debenture, ASIC says.
Enforcement
Former German Tax Inspector Jailed Over Cum-Ex Tax Fraud
By Mark Johnston | 20/12/2022
Hanno Berger, considered a Cum-Ex mastermind, was sentenced to eight years in jail and ordered to repay EUR 13.7 million.
AML / KYC
Weak Environmental Crimes Law a Risk to Investors
By ESG Investor | 19/12/2022
European Council’s position on the revised Environmental Crime Directive will damage portfolios as well as the environment, says WWF.
Fintech / Regtech
ACCC Fines ING for Breaching CDR Rules, Refuses iSignthis Accreditation
By Editors | 18/12/2022
The ACCC said ING Bank was not capable of receiving consumer data requests from accredited data recipients within the required timelines.
Enforcement
ASIC Takes First DDO Court Action Against Distributor
By Editors | 18/12/2022
The distributor cross-sold a non-guaranteed managed investment scheme to the same customers that bought guaranteed term deposits.
AML / KYC
NZ FMA Issues AML Warning Against Private Equity Firm
By Editors | 18/12/2022
The FMA said Pencarrow Private Equity failed to retain and make readily accessible identity and verification records for customers.
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