Enforcement

Enforcement

Australian Court Fines Allianz, AWP for Deceptive Conduct

By Editors | 09/09/2021

Allianz and AWP will pay a total AUD 1.5 million for engaging in misleading and deceptive conduct when selling travel insurance.

Enforcement

Hong Kong ICAC Charges Ex-HSBC Banker for Accepting Bribes

By Editors | 09/09/2021

The bribes were paid as an inducement to or reward for the ex-banker to conceal the identity of the ultimate controller of two SMEs that obtained loans from HSBC.

Enforcement

Court Finds Colonial First State Engaged in Misleading Conduct

By Editors | 09/09/2021

The Federal Court found that Colonial First State misled its customers to encourage them not to transfer their superannuation to a lower cost MySuper product.

Enforcement

Korea FSS to Impose Penalties on 9 Market Makers

By Editors | 08/09/2021

Three foreign firms and six local firms are accused of disturbing market order through their negative influence on stock prices.

Enforcement

FSS Korea Warns KB Savings Bank Over Lax Lending Controls

By Editors | 08/09/2021

KB Savings Bank increased its household lending by raising internal limits and discounting interest rates, without a strict review process and proper oversight.

Enforcement

CSRC to Bolster Supervision of Securities, Fund Practitioners

By Sanday Chongo Kabange | 08/09/2021

The CSRC will organise on-site inspections to ensure securities and fund practitioners adhere to professional ethics obligations and improve governance.

Enforcement

BaFin Joins US SEC, DOJ in Probing Collapsed Allianz Funds

By Ranamita Chakraborty | 07/09/2021

Allianz is facing probes from BaFin, SEC and DOJ, as well as 25 investor lawsuits, over last year’s collapse of its Structured Alpha Funds.

Crypto / Digital Assets

US SEC Charges BitConnect for $2bn Cryptocurrency Fraud

By Editors | 06/09/2021

BitConnect promised investors lucrative returns through the use of a proprietary trading bot, but investor funds were siphoned off by the company’s founder and others.

Enforcement

MAS Orders Halt to Singapore Services From Binance.com

By Editors | 05/09/2021

Binance Asia Services, which operates Binance.sg, is a “distinct entity” and may still operate under an exemption while its licence application is under review.