ENFORCEMENT

Enforcement

CBA to Pay Penalty for Increasing Problem Gambler’s Credit Limit

By Editors | 01/11/2020

ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.

Enforcement

MAS Bans Two Former Bankers for Fraud, Dishonest Conduct

By Editors | 01/11/2020

The former OCBC treasury advisor placed unauthorised FX trades in client accounts, while the former UOB relationship manager made unauthorised bank transfers.

Enforcement

SFC Suspends Licence of Mason Securities Representative

By Editors | 30/10/2020

The former licensed representative said she had forgotten to declare an external securities trading account initially, and “could not be bothered to do so subsequently”.

Enforcement

Singapore Courts Charge Two for Cheating, False Trading

By Editors | 30/10/2020

Ex-KTL Global CEO Tan Kheng Yeow and OCBC Securities trading rep Tan Chun Yong are said to have been involved in a conspiracy for false trading.

Enforcement

FSC Korea Consults on Enforcement of New Consumer Protection Law

By Sanday Chongo Kabange | 29/10/2020

The key enforcement proposals relate to consumer rights, the types of firms under scope, and the reach of the new legislation, and the penalties that can be imposed.

Enforcement

SC Malaysia Establishes Task Force to Combat Financial Scams

By Editors | 27/10/2020

SC chairman Datuk Syed Zaid Albar SAID Malaysian nationals lost $220mn to financial scams in the first six months of this year.

Capital / Liquidity

MAS Seeks Removal of REIT Manager for SFA Breaches

By Editors | 27/10/2020

Eagle Hospitality REIT Management breached the minimum base capital and financial resources requirements under the SFA three times in the span of about a year.

Enforcement

Singapore: Ex-Fund Manager Charged for Acts Likely to Defraud Investors

By Editors | 27/10/2020

The former fund manager allegedly sold bonds at lower-than-market prices from one fund he managed to another fund, knowing there were higher offers for the same bonds.

Enforcement

Singapore Police Charge Ex-Remisier with Criminal Breach of Trust

By Sanday Chongo Kabange | 26/10/2020

Over six years, an 86-year-old client entrusted money to the remisier for the purposes of buying shares but no shares were ever purchased.