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Enforcement
Korea FSS Finds Banks Failing to Inform Borrowers of Rights
By Sanday Chongo Kabange | 23/09/2020
Since June 2019, banks have been required to inform customers of their right to request lower interest rates when their credit profiles improve or their assets increase.
Enforcement
China Market Supervisor Issues Fines Against Luckin Coffee
By Editors | 22/09/2020
Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.
Enforcement
ASIC Directs Fund Managers to Correct Product Mislabelling
By Editors | 22/09/2020
ASIC has identified 14 funds using the term ‘cash’ in their names in a confusing and inappropriate way, and 3 others with a significant liquidity mismatch.
Enforcement
SFC Suspends Former Licensed Rep for Over Discretionary Trading
By Editors | 22/09/2020
The former Ewarton Securities representative placed his own orders within 30 seconds ahead of those placed for the client’s account.
AML / KYC
US Imposes Sanctions on 27 Iranian Entities, Individuals
By Editors | 22/09/2020
Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.
AML / KYC
China Issues Implementing Rules for ‘Unreliable Entity List’
By Editors | 22/09/2020
Foreign firms and individuals could be hit with trade, investment and visa restrictions is they fail to “correct” their behaviour within a time limit.
Enforcement
Saxo Japan Ordered to Bolster Controls After Data Breach
By Editors | 22/09/2020
The breach included clients’ names, contact details, date of birth, bank account information, and identity verification documents of 750 clients.
Enforcement
Korea FSS Fines Four Foreign Fund Managers for Naked Short Selling
By Editors | 22/09/2020
One firm was fined KRW 360mn for failing to borrow KRW 13mn worth of stock prior to short-selling, a penalty of more than 27 times the amount short-sold.
AML / KYC
Covid-19 Presents Opportunity to Disrupt Criminals: APG
By Editors | 20/09/2020
In its latest typologies report, the APG says Covid-19 may provide a unique opportunity for law enforcement and FIUs to detect and disrupt certain money laundering operations.
Enforcement
Korea to Introduce Civil Penalties for Unfair Trading
By Editors | 20/09/2020
Currently, unfair trading activities are punishable under criminal law, but prosecutions often take a long time due to the high burden of proof required.
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