ENFORCEMENT

Enforcement

CSRC Fines Fund Manager ¥1.1m for Fraud, Embezzlement

By Editors | 16/03/2021

Cornerstone Capital’s controlling shareholder was also fined for fabricating the financials of funds managed by the firm.

Enforcement

Woori Accepts FSS Compensation Guideline for Lime Losses

By Editors | 15/03/2021

Woori will compensate investors who lost money from funds managed by Lime Asset Management in line with FSS recommendations.

AML / KYC

SFC Fines Sino-Rich Securities & Futures for AML Breaches 

By Editors | 15/03/2021

Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.

Enforcement

Singapore Court Jails, Fines Ex-Director for False Trading

By Editors | 15/03/2021

The former director of investment and corporate advisory firm WLA Regnum was jailed and fined for false trading and deceiving UOB Kay Hian.

Enforcement

ASIC Imposes Licence Conditions on OTC Derivatives Issuer AxiCorp

By Editors | 15/03/2021

ASIC has agreed to set aside a January 2020 decision to suspend AxiCorp’s AFS licence following the imposition of additional licence conditions.

AML / KYC

APRA Ends Westpac Probe into Possible Banking Law Breaches

By Editors | 14/03/2021

The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.

Enforcement

NZ Court Fines ANZ Over Credit Card Repayment Insurance

By Editors | 13/03/2021

The judge said ANZ should have been “sufficiently robust” in its ability to detect issues early, given its size, resources and position in New Zealand’s market.

AML / KYC

HK Court Sentences Two for Mortgage Fraud, Money Laundering

By Ranamita Chakraborty | 13/03/2021

A ICAC investigation found that two former employees of a law firm defrauded licensed money lenders of mortgage loans totalling HK$20mn.

Enforcement

S. Korea Amends Bill to Protect Private Equity Fund Investors

By Ranamita Chakraborty | 11/03/2021

The revision bill addresses issues with feeder funds, cross investing between PEFs managed by the same entity, and inappropriate sales activities involving coercive sales tactics.