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Enforcement
Australian Federal Court Fines OTC Derivative Issuers A$75m
By Editors | 22/10/2020
The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC’s costs and to refund approximately 10,000 former clients, on top of the penalties.
Enforcement
FSC Korea Kicks Offs New Task Force to Address Illegal Trading
By Editors | 22/10/2020
Korean regulators will work to enhance cross-agency information sharing, introduce a new market abuse monitoring system, and raise penalties for unfair trading activities.
Enforcement
Woori to Dismiss 19 Employees Following Unfair Recruitment Probe
By Sanday Chongo Kabange | 21/10/2020
The Supreme Court ruled that 27 of Woori’s employees were involved in unfair hiring practices, 19 of which still work for the bank.
Enforcement
Korean Regulators to Revoke Lime Asset Management Licence
By Editors | 20/10/2020
Subject to FSC approval, the FSS will revoke Lime’s business registration and order the company to dismiss its CEO, who was arrested in July.
AML / KYC
Hong Kong Banks Asked to File STRs for Suspected NSL Breaches
By Manesh Samtani | 20/10/2020
According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.
Enforcement
CBIRC Issues Raft of Penalties Over Illegal Loans at Banks
By Editors | 20/10/2020
China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.
AML / KYC
AUSTRAC Launches AML Investigation into Crown Resorts
By Editors | 20/10/2020
The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.
AML / KYC
OFAC Settles Iran Sanctions Case with Berkshire Hathaway
By Editors | 20/10/2020
A Berkshire subsidiary knowingly exported cutting tools and related inserts to Turkish distributors to then be shipped to a distributor in Iran for resale to Iranian end-users.
AML / KYC
Goldman US Penalty Over 1MDB to be Announced ‘Within Days’
By Editors | 20/10/2020
Goldman Sachs Group has reportedly reached a more than $2bn settlement with the US DOJ over its role in Malaysia’s 1MDB scandal.
Enforcement
SFC Imposes 24-month Market Ban for Takeovers Code Breach
By Sanday Chongo Kabange | 20/10/2020
The mandatory general offer obligation under the Takeovers Code was triggered 20 times by AV Concept Holdings chairman and his concert parties.
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