Enforcement

Enforcement

Korea FSS Bolsters Ability to Confront FIs in Court

By Editors | 12/07/2022

The FSS will be able to engage competent law firms with greater ease, and in some cases share legal costs with the FSC.

AML / KYC

RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches

By Editors | 11/07/2022

A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.

AML / KYC

Chinese Phonemaker Vivo Accused of Evading Tax in India

By Editors | 09/07/2022

Vivo is alleged to have made remittances via Hong Kong to China to disclose losses in India and avoid domestic tax payments.

Enforcement

FSC Korea Penalises Shinhan Bank for Lime Fund Mis-selling

By Editors | 08/07/2022

Shinhan Bank is being suspended for three months from selling new private equity fund products and fined KRW 5.7 billion.

Crypto / Digital Assets

Crypto Firm Voyager Digital Files for Bankruptcy, FDIC Opens Probes

By Editors | 08/07/2022

Voyager previously used wording on a company web page implying that deposit protection could apply in the event of the company’s own failure.

Enforcement

CFTC Fines BNP, JPM for Swap Reporting Violations

By Editors | 06/07/2022

BNP Paribas agreed to pay USD 6 million for failing to correctly report over three million swap transactions. JPMorgan was fined USD 850,000.

AML / KYC

Puerto Rico Forces Closure of Bank Involved in Global Tax Probe

By Manesh Samtani | 06/07/2022

Peter Schiff’s Euro Pacific Bank was forced to close over capital shortfall and regulatory violations. The bank has been at the centre of a global tax evasion probe.

Enforcement

Former Archegos Employee Sues Firm Over Deferred Bonuses

By Manesh Samtani | 06/07/2022

Archegos employees were “coerced” to invest their bonus money into the firm through a deferred compensation plan, which evaporated when the company collapsed last March.

Enforcement

Hong Kong Police Arrest Eight in Joint Operation With SFC

By Editors | 06/07/2022

The joint operation involved a loan granted by a listed company to a related party and payments purportedly made to suppliers that instead went to related parties.