ENFORCEMENT

Enforcement

FSC Korea Introduces Legislative Revisions on Predatory Lending

By Editors | 02/07/2020

The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.

Enforcement

Korea: Optimus Asset Management Ordered to Suspend Business

By Editors | 01/07/2020

Company executives will be removed and designated administrators will take over their duties. Optimus is accused of fabricating depository statements sent to brokers.

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Enforcement

ABA Temporarily Amends Banking Code in Light of Covid-19

By Editors | 29/06/2020

The changes related to the timelines for customer communication outlined in the Code, and to banks’ obligations when lending to small business customers.

Enforcement

Luckin Coffee Abandons Plans to Appeal Nasdaq Delisting

By Editors | 29/06/2020

A hearing with Nasdaq Hearings Panel was scheduled for Thursday but Luckin withdrew its request a day before.

Enforcement

RBNZ Secures Funding to Boost Supervisory, Enforcement Capability

By Editors | 28/06/2020

The RBNZ will direct the additional funding towards its supervisory and enforcement capability, technology infrastructure and security architecture.

Enforcement

CSRC Imposes Record Penalty in Insider Trading Case

By Editors | 26/06/2020

A Shanghai entrepreneur and his daughter were penalised a total 3.6bn yuan, representing a record fine and confiscation of illegal gains.

AML / KYC

Hong Kong Autonomy Act Advances in US Congress

By Manesh Samtani | 26/06/2020

Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China’s new national security law for Hong Kong.

Enforcement

S. Korean Prosecutors Raid Fund Operator on Fraud Allegations

By Editors | 25/06/2020

Accused of fabricating depository statements, Optimus Asset Management has suspended withdrawals from six feeder funds since last week, locking up 90bn won in investor money.