Enforcement

Enforcement

US SEC Probing Funds, Advisers on Staff Messaging Practices

By Editors | 13/10/2022

The SEC’s probe into the use of personal devices and messaging apps has reportedly expanded beyond broker-dealers to include investment funds and advisers.

Enforcement

APRA Orders RACQ to Uplift Risk, Compliance Frameworks

By Editors | 12/10/2022

APRA identified issues with RACQ’s risk and compliance framework and practices, unclear accountabilities, and an “immature risk culture”.

Enforcement

SFC Fines Asset Manager Over European Rule Breaches

By Editors | 12/10/2022

ARCM failed to implement adequate systems and controls to monitor its short position and ensure it was properly reported and disclosed to the public.

ESG / Sustainability

ASIC is Investigating Firms for Possible Greenwashing

By Editors | 12/10/2022

The investigations involve super fund trustees, listed companies and one managed fund. Net-zero claims are a key area facing scrutiny.

Enforcement

China to Prosecute Former China Merchants Bank President

By Editors | 12/10/2022

The former president was abruptly removed from his post in April, after spending nearly nine years building CMB into China’s top retail bank.

AML / KYC

US Treasury Penalises Crypto Exchange Bittrex $29mn

By Editors | 12/10/2022

OFAC and FinCEN took joint action for sanctions screening failures and violations of AML and SAR reporting requirements.

Enforcement

UK FCA Queries Banks About Staff Messaging Practices

By Editors | 12/10/2022

The queries come after US regulators collected over $2bn in combined penalties from firms for failures to maintain, preserve, or produce staff communication records.

AML / KYC

Singapore Punishes Ex-BSI Banker Over 1MDB Failings

By Sanday Chongo Kabange | 11/10/2022

BSI Singapore’s former head of private banking contributed to the bank’s failure to file STRs for 1MDB-related transactions when there were reasonable grounds to do so.

AML / KYC

US Targets Fuel Procurement Network in Latest DPRK Sanctions

By Editors | 11/10/2022

The sanctions are against two Singapore companies, a Marshall Islands entity, and two individuals for illicit ship-to-ship transfers to deliver fuel to North Korea.