Enforcement

Enforcement

FSC Korea Fines IBK and Fund Manager Over Mis-sold Funds

By Editors | 20/02/2022

Industrial Bank of Korea also has to suspend its private fund sales operations for 1 month. Discovery Asset Management and its CEO are suspended for 3 months.

Enforcement

FSA Issues Business Improvement Order to Mizuho, Again

By Editors | 18/02/2022

The business improvement order requires Mizuho and its parent to report to the FSA about the cause of another system failure which halted ATM operations on 11 February.

Enforcement

US Agencies Probe Block Trading Practices at Banks, Hedge Funds

By Editors | 17/02/2022

The DOJ and SEC are reportedly examining whether banks may have improperly alerted hedge funds ahead of market-moving block trades.

Enforcement

HK Court Orders Illicit Insider Dealing Profits to Be Returned

By Editors | 17/02/2022

Illicit profits made from insider dealing in the shares of GEM-listed TeleEye Holdings in 2016 will be returned to 63 investors.

AML / KYC

AUSTRAC Orders Bell Financial to Address AML Compliance Issues

By Editors | 17/02/2022

An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.

Enforcement

Advice Compensation Paid by Aussie Majors Tops A$3b

By Editors | 16/02/2022

As at end-2021, Australia’s major banks have paid or offered a total A$3.15 billion in compensation as a result of fees-for-no-service misconduct and non-compliant advice.

AML / KYC

MAS Tables Bill to Obtain Enhanced Regulatory Powers

By Sanday Chongo Kabange | 15/02/2022

The Financial Services and Markets Bill will give MAS enhanced regulatory powers to address misconduct, crypto asset and technology risks.

AML / KYC

SFC Fines South China Commodities for AML Breaches

By Editors | 14/02/2022

This is the third action the SFC has taken against a licensed firm over the use of Xinguanjia, a customer supplied system provided by Hengxin Software.

Enforcement

Prosecutors Drop Criminal Cartel Case Against Citi, Deutsche

By Editors | 13/02/2022

Australia’s top prosecutor concluded that there were no longer reasonable prospects of convicting Citigroup, Deutsche Bank and four former executives.