Enforcement

Enforcement

Korea: Daishin Securities Ordered to Compensate Lime Investors

By Editors | 02/08/2021

Daishin Securities is asked to compensate investors up to 80% of losses after it missold funds managed by Lime Asset Management.

Enforcement

CBIRC Fines Eight Lenders Over Property Loan Violations

By Sanday Chongo Kabange | 02/08/2021

China Construction Bank received the biggest penalty of CNY 6.1 million. ICBC and Agricultural Bank of China were fined CNY 1.5 million each.

AML / KYC

Western Australia Man Jailed for Dealing in Criminal Proceeds

By Editors | 02/08/2021

The man was sentenced to five years jail over A$6.1mn in cash discovered as a result of intelligence gained during Operation Ironside.

Enforcement

Westpac Insider Trading Case May Not Be Heard Until 2023

By Editors | 01/08/2021

A proposed February 2022 trial date will not be feasible as Westpac will have to be allowed sufficient time to review expert evidence.

AML / KYC

Regulatory Pressure on Binance Builds With Malaysia Ban

By Manesh Samtani | 01/08/2021

Malaysia’s SC has announced enforcement actions. Binance is winding down its derivatives business in Europe. India is probing its involvement in a betting probe.

Enforcement

China: Another Ex-Banking Regulator Under Corruption Probe

By Editors | 01/08/2021

Cai Esheng served as CBRC vice chairman for eight years. He was in charge of supervising non-bank financial institutions.

Enforcement

AIA New Zealand Faces Penalty for Misleading Customers

By Ranamita Chakraborty | 01/08/2021

AIA’s remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.

Enforcement

Australia: BT, Asgard Fined for Charging Fees for No Service

By Sanday Chongo Kabange | 30/07/2021

Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.

Enforcement

CSRC Fines ByteDance Employee for Insider Trading

By Sanday Chongo Kabange | 30/07/2021

The CSRC fined the ByteDance employee nearly nine times the profit he made from trading shares on insider information.