Enforcement

Enforcement

Taiwan FHC Fined for Leaking Data to Major Shareholder

By Editors | 03/08/2022

China Development Financial Holding Corp was fined TWD 20mn. Its subsidiaries China Life and KGI Securities were fined TWD 6mn and TWD 2.4mn respectively.

Enforcement

SFC Fines TC Capital for Due Diligence Failures in Sponsor Work

By Editors | 03/08/2022

The SFC said there was a need to send a “strong deterrent message” to the industry and market that “sponsor failures will not be tolerated”.

Enforcement

Banks Preparing to Pay Fines for Use of Messaging Apps

By Editors | 02/08/2022

US regulators are expected to announce penalties in the coming weeks over the use of unauthorised messaging apps for business communications.

Enforcement

FSC Fines Bank of Taiwan Over Embezzled Customer Funds

By Editors | 01/08/2022

The illegal behavior lasted nearly 10 years, affecting nine customers, five of which were seniors. The total amount involved was about TWD 84.5 million.

Enforcement

ASIC Issues First Stop Orders Under DDOs Regime

By Editors | 01/08/2022

Three firms are required to temporarily stop offering their products to consumers due to deficiencies in their target market determinations.

Capital / Liquidity

SFC Fines Hedge Fund Manager for Liquid Capital Deficit

By Editors | 31/07/2022

KTF Capital Management had a HK$20mn deficit between 13 and 18 December 2018 but misrepresented to the SFC that it maintained sufficient liquid capital during the period.

AML / KYC

US SEC Issues Fines Over Identity Theft Prevention Programmes

By Editors | 28/07/2022

JP Morgan Securities will pay a $1.2mn penalty, UBS Financial Services will pay $925,000, and TradeStation Securities will pay $425,000.

Securities / Derivatives

SFC Fines Fourth Broker Over Use of ‘Xinguanjia’ Trading Software

By Manesh Samtani | 26/07/2022

The software enabled Mainland investors to trade in Hong Kong without having to open a local securities account. Rifa Futures was fined HKD 9 million for AML and other failures.

Enforcement

Korea: Terra Investigators Seize Records from Crypto Firms

By Editors | 26/07/2022

Prosecutors have seized transaction records from seven crypto exchanges and some of their affiliates as part of a probe into Terra’s collapse.