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Enforcement
CBIRC Fines Citic Bank for Failure to Protect Customer Data
By Editors | 25/03/2021
The penalty is likely related to a complaint by a popular comedian that Citic Bank leaked his personal data on the Internet.
Enforcement
CSRC Bans Haitong Securities from Advisory Work for One Year
By Editors | 25/03/2021
The CSRC said Haitong did not effectively control risk in its bond business dealings, which resulted in Yongcheng Coal’s CNY 1 billion default.
Enforcement
SFC Fines GEO Securities for Breaching Licence Conditions
By Editors | 25/03/2021
The firm also did not have effective controls in place for product due diligence, client risk tolerance assessment, and record-keeping.
Enforcement
DOJ to Probe Visa Over Debit Card Routing Practices
By Ranamita Chakraborty | 24/03/2021
Visa is alleged to have engaged in anti-competitive practices by preventing merchants from routing payments through other card networks.
Capital / Liquidity
RBNZ Orders Westpac NZ to Address Risk Governance Issues
By Ranamita Chakraborty | 24/03/2021
Westpac’s New Zealand unit breached the RBNZ’s liquidity policy by incorrectly calculating mismatch ratios.
Enforcement
Japan FSA to Inspect Mizuho Over System Failures
By Ranamita Chakraborty | 24/03/2021
The FSA will consider whether to take disciplinary action such as issuing a business improvement order against the bank.
Crypto / Digital Assets
CFTC Penalises Coinbase for False Reporting, Wash Trading
By Editors | 23/03/2021
The settlement requires Coinbase to pay $6.5mn, and desist from any further violations of the Commodity Exchange Act or CFTC regulations.
Enforcement
Former Fed Employee Pleads Guilty to Stealing Bank Stress Test Data
By Sanday Chongo Kabange | 23/03/2021
The former employee faces jail time for removing restricted documents from his workstation, including proprietary information used by the Fed to conduct bank stress tests.
AML / KYC
Beijing Financial Court Created to Counter US Long Arm Jurisdiction
By Sanday Chongo Kabange | 23/03/2021
The extraterritorial application of China’s financial laws will play a bigger role in opening up the domestic market, the Supreme People’s Court said.
Enforcement
Malaysia SC Probes Share Disposals by AmBank Execs
By Sanday Chongo Kabange | 23/03/2021
Seven executives sold a combined MYR 1.63 million in shares on the same two days in December, just two months ahead of AmBank’s 1MDB settlement.
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