ENFORCEMENT

Enforcement

Korea FSS Identifies More Fraud, Bribery at Private Equity Firms

By Editors | 04/01/2021

The FSS said it will impose sanctions on companies identified as being engaged in such practices, including to refer cases for criminal prosecution as needed.

AML / KYC

Japan Regulators Order Crypto Exchange to Improve AML Systems

By Editors | 02/01/2021

Avacus Co Ltd must build an AML/CTF risk management system that ensures transactions are confirmed and recorded at the time of transaction.

Enforcement

China: Revised Criminal Law Raises Penalties for Capital Market Offences

By Editors | 02/01/2021

The amendments focus on fraudulent issuance, information disclosure falsification, provision of false certification documents by intermediaries, and market manipulation.

Enforcement

Cathay United Bank Penalised Over Misappropriated Client Funds

By Editors | 02/01/2021

Cathay United failed to set up internal controls to prevent the theft of TWD 17.32 million from four clients by a customer relationship manager.

Enforcement

Taiwan FSC Fines KGI Securities Over Poor Internal Controls

By Editors | 31/12/2020

The case relates to the August suicide of a former KGI Securities employee, who suffered large investment losses as a result of illegal futures trades for his clients.

AML / KYC

Federal Reserve Orders Credit Suisse to Enhance AML Controls

By Editors | 31/12/2020

Credit Suisse is required to improve its risk assessment, customer due diligence, suspicious activity monitoring and reporting processes.

Enforcement

IOSCO Issues Guidance on Addressing Misconduct During Stress Events

By Editors | 31/12/2020

Extreme price volatility, profitability pressures, psychological stressors, remote working and aggressive advertising were some of the drivers of misconduct risk during the pandemic.

Enforcement

CBIRC Takes Control of Trust Company Accused of Embezzlement

By Editors | 24/12/2020

A joint working team comprising CBIRC and local government officials was dispatched to Sichuan Trust to supervise operations and carry out a management reshuffle.

Enforcement

SFC Fines Fulbright Securities Over Short Selling Controls

By Editors | 23/12/2020

Fulbright Securities failed to detect and prevent illegal short selling failures in at least 93 instances over a period of at least six months.