Enforcement

    AML / KYC

    SFC Fines China Everbright Securities for AML/CFT Violations

    By Editors | 16/06/2022

    Unrelated clients received deposits from the same third party within four days, and then used the funds to trade in the same stock.

    Enforcement

    US SEC Penalises Schwab Over Robo-Adviser Disclosures

    By Editors | 16/06/2022

    High cash balances resulted in lower returns for robo-adviser clients.  The effect of this “cash drag” was not disclosed to clients, the SEC said.

    AML / KYC

    UK OFSI Gets Stronger Powers to Punish Sanctions Breaches

    By Editors | 16/06/2022

    OFSI will no longer have to prove a person had knowledge or reasonable cause to suspect they were in breach of sanctions to impose a civil penalty.

    Enforcement

    NZ FMA Fines Cigna for ANZ Product Distribution Failures

    By Editors | 15/06/2022

    ANZ was fined last year for making misleading representations when distributing CCRI policies, many of which were issued by Cigna and OnePath.

    ESG / Sustainability

    US SEC Probes Goldman Sachs for Suspected Greenwashing

    By Editors | 14/06/2022

    The SEC is reportedly investigating whether disclosures made to clients accurately described the investment practices used by two Goldman funds.

    Enforcement

    UK FCA Places Credit Suisse on Regulatory Watchlist

    By Editors | 14/06/2022

    Credit Suisse was added to the FCA’s watchlist due to concerns that it was not doing enough to improve its culture, governance and risk controls.

    Enforcement

    Another Former CSRC Official Under Corruption Probe

    By Editors | 14/06/2022

    The probe is linked to another investigation involving an official who worked for the CSRC department that oversaw listings on the ChiNext board.

    Securities / Derivatives

    CSRC Orders Six Brokerage Firms to Correct Violations

    By Editors | 14/06/2022

    The CSRC has issued warning letters to six securities companies, ordering them to correct violations involving their overseas subsidaries.

    Enforcement

    Contracts for Difference: Playing with Fire

    By Emma Parry | 13/06/2022

    Increased regulatory scrutiny of CFDs highlights the need for a renewed focus on financial literacy and investor education, says Emma Parry.

    Enforcement

    Korean Police Arrest CEO of Discovery Asset Management

    By Editors | 13/06/2022

    CEO Jang Ha-won faces charges of fraud and violation of the Capitals Market Act for selling funds which caused $194mn in losses to investors.

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