Enforcement

Enforcement

FSC Korea Provides No-Action Relief on Consumer Protection Law

By Editors | 29/05/2021

Action will not be taken against violations of regulations introduced or strengthened by the new Financial Consumer Protection Act until 24 September.

Enforcement

Ant Group Suspends ABS Products Amid Regulatory Pressure

By Sanday Chongo Kabange | 28/05/2021

The suspended asset-backed securities are backed by online loans sold on Ant Group’s online lending platforms, Huabei and Jiebei.

Enforcement

China Watchdog Exposes Corrupt Former Regulators

By Sanday Chongo Kabange | 28/05/2021

Regulators inspected Baoshang Bank on 50 occasions and deliberately avoided parts of the business that had significant potential risks.

Crypto / Digital Assets

Inner Mongolia Government Threatens Punishment for Crypto Mining

By Sanday Chongo Kabange | 28/05/2021

A new notice warns telecoms, big data centres and cloud computing companies of severe punishment if they engage in or facilitate crypto mining activities.

AML / KYC

AFP, AUSTRAC Probe Payments via Adult Content Site – Report

By Editors | 28/05/2021

Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.

Enforcement

SFC Fines Ewarton Securities Over Staff Trading Controls

By Manesh Samtani | 27/05/2021

A lack of internal controls resulted in Ewarton’s failure to detect and prevent unauthorised or improper activities by a licensed representative.

Enforcement

UPDATE: Former Adviser Jailed for Six Years in Australia

By Ranamita Chakraborty | 27/05/2021

Former adviser Ross Andrew Hopkins misappropriated about A$2.9mn of client funds without their knowledge over three years.

AML / KYC

RBNZ Takes Court Action Against TSB Bank for AML Failures

By Editors | 27/05/2021

The court action and pecuniary penalties sought are a result of TSB Bank not responding sufficiently to the RBNZ’s initial formal warning in 2016.

Enforcement

Korea FSS Orders IBK to Compensate Investors Over Mis-sold Funds

By Editors | 26/05/2021

The FSS said IBK failed to adequately inform customers of potential high risks and lacked internal controls to monitor the selling process.